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CapitaMalls Asia: A basket case?

Thursday, March 10, 2011

Someone in LP's cbox who was rather vocal in his support of CapitaMalls Asia, in recent days, has voiced his displeasure and how he is losing patience with the counter's lacklustre performance. So, is CapitaMalls Asia a basket case or is it not for people with little patience?

Fundamentally, it is a very strong company. Technically, it looks pretty interesting to me. Volume hit a high on 28 Feb as a black hammer was formed. A low of $1.69 was hit that day too, a cent lower than the support I identified before at $1.70 using two sets of Fibo lines.

Now, notice that volume has reduced visibly as the share price drifts on. A picture of reducing interest from market participants. As this happens, higher lows were formed on the MFI and the MACD. Positive divergences? Looks like it. If validated, a move to the upside would meet with immediate resistance at $1.80 which is where we find the downtrend resistance and the declining 20dMA.

Related post:
CapitaMalls Asia: Up or down?


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