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CapitaMalls Asia: Improving technicals.

Monday, February 7, 2011

Price overcame resistance provided by the 50dMA at $1.93 and touched a high of $1.96 before closing at $1.95, forming a white spinning top in the process. Volume expanded nicely as the MACD rose higher. Could we see the MACD crossing into positive territory soon? That would signify the return of positive momentum.


Connecting the highs of 3 and 17 January gives us a trendline resistance. We could see $2.00 tested next if the bouyant price action follows through. It also remains to be seen if $1.93 is resistance turned support. I am monitoring this counter as I get ready to divest some.

Related post:
Capitamalls Asia: Broke out of downtrend but still at resistance.

6 comments:

la papillion said...

Hi AK,

I closed my position at 1.96 today, no more :) From the weekly, there seems to be more oomph to go, but it had been rising up for the past few sessions, so I might be entering it upon retracement, around 1.91. I think 1.99/2.00 is the next hurdle to clear.

Gd luck in your divestment!

AK71 said...

Hi LP,

Yup, I would do a divestment at $2.00, if tested. Would be a nice trade, if successful.

The $1.83 low held up when retested on 31 Jan. Looks like a probable double bottom formation. So, I would also consider buying more at supports again. ;)

Drizzt said...

how come so many people into this CMA. i only had 2 lots in 1.87

Drizzt
Investment Moats.com

AK71 said...

Hi Drizzt,

Why are you in CMA? Would you like to share your views? ;)

Drizzt said...

hi AK71, purely opportunistic position, not for yield or anything. looks like it touched 2 bucks.

AK71 said...

Hi Drizzt,

I divested half of my position at $2 today. I have almost completed a very detailed blog post on CMA's technicals. I will put it up later tonight. :)

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