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CapitaMalls Asia: Support at $1.88 gave way.

Friday, February 18, 2011

The immediate support at $1.88 gave way today as price closed at $1.87. I have a faint suspicion that on top of a lack of buying interest, there were also people who did not want to hold on to a long position over the weekend. Whatever it could be, price weakness was on the back of similar volume as the session before. A sell down without heavy volume but a sell down nonetheless.

The MACD has completed a bearish crossover with the signal line and dipped into negative territory. The MFI and RSI both dipped below 50%. My long positions taken at $1.92 and $1.88 are underwater. A retest of the low of $1.83 is not improbable. What would I do? Add to my position?

I would add to my position only if the support at $1.83 holds up . If that support breaks, using a few sets of Fibo lines, the next major support could be at $1.70 and that is some way to fall.

Related post:
CapitaMalls Asia: Full year FY2010 results.


WK said...

the 2% p.a 2yr bond issued by capmall is capital guarantee?

cyclops said...

Hi AK,
What tools do you use to chart the fibo lines? Thanks

AK71 said...

Hi WK,

Yes, it is guaranteed by CapitaMalls Asia. ;)

However, with inflation going at 4% or so per annum and likely to get worse, I don't think I would put my money in bonds now or in the near future.

AK71 said...

Hi cyclops,

The Fibo lines? It is part of a suite of tools that comes with ChartNexus. :)

cyclops said...

Hi AK,
I am using chart nexus. But I can't find it under the Indicators section? U added them manually ?

AK71 said...

Hi Cyclops,

My ChartNexus program is bundled with my trading account from Lim&Tan. The Fibo option has a symbol that looks a bit like the cake, Kuei Lapis. A box with layers. Do you see it?

Cyclops said...

Hi AK,
Found the "Kuei Lapis" button. I have one more qn. How do u decide which price to drag the other fibo lines to after fixing 0% line? I am unsure how the other prices are determined based on the ratios.

AK71 said...

Hi Cyclops,

Glad you found it. :)

A discussion on Fibo lines took place right here in my blog not too long ago or at least I thought it was not too long ago.

Looking for the comments took me back two months. Time flies.

Check out the comments in this blog post:

CapitaMalls Asia: Bought some at $1.85

Ming Zheng said...

Hi AK,
Thanks. The comments from that post gave me a better understanding of Fibo lines now. =)

AK71 said...

Hi Ming Zheng,

You are welcomed. Are you Cyclops? ;)

Cyclops said...

Hi AK,
yeah. just realised my account was logged in.. haha.

AK71 said...

Hi Cyclops (aka Ming Zheng),

Cool! You have a profile too but it's a private profile. So, I didn't get to see anything. ;-p

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