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CapitaMalls Asia: A sustainable reversal?

Monday, January 17, 2011

This counter formed a white spinning top today as it broke resistance at $1.95 to touch a high of $1.97, which is where the declining 50dMA is approximating. Of course, a spinning top is a sign of indecision and it was on the back of increased volume. It is not a strong bullish sign. The tug of war between bulls and bears is still significant here.


The uptrend which started on 20 Dec is still valid and the trendline support is at $1.89. With the 20dMA at $1.90, this is where we would find initial support in case of a pull back in price. This support should hold and if it does, we could be looking at an ascending triangle pattern. This would give me a target close to where the 100d and 200d MAs are at, approximating $2.08 and $2.10 currently.

OBV continues to climb, suggesting continuing accumulation. MACD has risen once more above the signal line and could be ready to cross into positive territory. The MFI and RSI are both rising after successfully testing 50% as support. Things are looking good here and I would accumulate on weakness.

Related post:
CapitaMalls Asia: $1.90 resistance turned support.

4 comments:

Cl said...

If the 2 bonds pull through will it add new lights to CMA??

AK71 said...

Hi Cl,

The interest paid on those bonds is really very low. Cheap source of funds for CMA to expand more aggressively. I think it's a good thing. :)

CL said...

low interest but catchy for older generations i guess. :)

AK71 said...

Hi CL,

Yes, those who are very risk averse might find a 1% interest for a 1 year bond OK. ;)

1% is hardly a third of the official inflation figure in Singapore! However, as a CMA shareholder, it's good for me. :)

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