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CapitaMalls Asia has broken out of its downtrend, closing at $1.92, two bids above resistance at $1.90. Volume increased as price strengthened.
We see a buy signal on the MACD histogram as both the MFI and RSI bounced off 50% support. OBV has turned higher, suggesting increased accumulation. More upside is likely.
The next resistance is a band between $1.95 and $1.98, as defined by the upper Bollinger, the candlestick resistance of end December 2010 and the descending 50dMA. Successfully overcoming this resistance band could see price going higher to where we find the 100d and 200d MAs. These are now at $2.08 and $2.10 respectively.
Related post:
CapitaMalls Asia: Plagued by downtrend.
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