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CapitaMalls Asia: Low volume pull back.

Thursday, February 10, 2011

Unfortunately, the bulls have turned cautious and the bears bolder. The black candle formed today is long and most ugly. The MACD histogram has turned red which is a sell signal. Time to panic? Well, maybe later but definitely not now.


Notice how much lower the volume is on a day when price declined so much. What does this tell us? There is a lack of buyers. The downward movement in price is due to a lack of buying and not because of massive selling. So? Weak holders are being shaken out. Let's see if the golden cross formed by the 20d and 50dMA would provide a strong support in limiting further downside. This is at $1.92.

Having offloaded most of my long position at $2.00, I might pick up some at supports.

Related post:
CapitaMalls Asia: Pushing it higher.

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