CapitaMalls Asia: Moving higher?

In a sea of red, CapitaMalls Asia is one of few counters which gained in today's session. The company will release its financial results for the full year ended 31 December 2010 on Thursday, 17 February 2011 before trading hours. I am hopeful that results would be positive.

Connecting the lows of 31 Jan and 14 Feb gives us an uptrend support and price traded above this support today. $1.95 is a minor resistance and I expect it to be taken out if volume were to expand in the next session. The momentum oscillators are showing positive signs and there is a nice chance of price moving higher.

The longer term downtrend is still intact and if we connect the highs of 11 Dec 09 and 7 Oct 10, it is amply clear. Multiple resistance levels must be overcome for this counter to move much higher in price but none as foreboding as this long term downtrend resistance line.

What am I going to do? I will wait for the results on Thursday and see how things turn out. My exposure to this counter are at the prices of $1.85 to $1.92.

Related post:
CapitaMalls Asia: Bouncing off $1.88 support.