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CapitaMalls Asia: Closed at $1.90 support.

Monday, January 24, 2011

CapitaMalls Asia closed at $1.90 support today on reduced volume. My overnight BUY queue at $1.90 was filled. Lowering volume as share price consolidates at support. Nice.

MFI formed a higher low suggesting firm demand. Higher lows on the RSI suggest positive buying momentum. It is not clear yet if share price would break out of resistance next.  Immediate resistance is now provided by the declining 50dMA at $1.95 while immediate support is at $1.90.

If price should weaken and close below $1.90, I would turn cautious and stop accumulating. If the low at $1.83 were not compromised in such an instance, I would buy more as another uptrend forms. If the low at $1.83 were taken out, we would want to wait for selling pressure to peter out before venturing back in. What would be the new low then?

If price moved higher and took out resistance at $1.95 convincingly, expect resistance at $2.00, $2.04 and $2.09. As we can see, CapitaMalls Asia is not just a long term buy based on FA but one that is based on TA too. The wall of worries is a tall one indeed.

I will be going on a working trip from tomorrow and would be kept busy. I might not be able to access the internet conveniently. Although I will try to log in and update my blog, I cannot guarantee that I would be able to do it. I will be back in Singapore this Saturday. Good luck to everyone in the meantime.

Related post:
CapitaMalls Asia: Borrowing on the cheap.


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