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CapitaMalls Asia: Reloaded at $1.92.

Friday, February 11, 2011

I increased my exposure to CapitaMalls Asia today, buying in at $1.92 which is the support I identified before. This is where the 20dMA formed a golden cross with the 50dMA. Price went on to close at $1.91 which is where we find the trendline support.

That volume expanded relative to the session before on a black candle day is somewhat bearish. A black candle without any lower shadow is also quite bearish and we could see the price going lower. The MACD also looks like it is poised for a bearish crossover with the signal line.

However, as the uptrend is still intact, there is no need to get hysterical. If price were to go lower, what would I do? Get hysterical? Perhaps not but I would be cautious and not load up further unless there are clearer signs that supports would hold up.

Next support? $1.88. This is quite obvious from the candlesticks and also a gentler trendline support using the lows of 20 Dec 2010 and 1 Feb 2011. After that, it is $1.85, followed by $1.83.

Related post:
CapitaMalls Asia: Low volume pull back.


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