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CapitaMalls Asia: Green in a sea of red.

Thursday, March 17, 2011

The positive divergence observed in the weekly chart many times before could be playing out. Today, price rose strongly on the back of higher volume as a long wickless white candle was formed. Price was $1.60 at the open and $1.69 at the close.


Positive divergence between declining price and the MFI is quite obvious on the daily chart now. Price would likely continue higher in the next session with immediate resistance provided by the declining 20dMA at $1.73.

If the bulls are very strong, we could see $1.83, a formerly strong support tested as resistance this time round. $1.83 is also where the declining 50dMA is approximating.

Related post:
CapitaMalls Asia: Japanese properties are safe.

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4 comments:

Anonymous said...

Hi AK!

Seems that the bullish reversal has happened.

Would this be a good opportunity to catch the uptrend, along with its good news on its properties in Japan?

FMX

AK71 said...

Hi FMX,

The technicals are looking good. An important reason why I refused to sell my investment in CMA was because of the positive divergence observed in the weekly chart.

Of course, whether to go on the long side for a trade or not tomorrow is entirely up to you. ;)

Isaac said...

AK,

your CMA Huat ah! Congratulations. I really shouldn't NATO so much. :)

AK71 said...

Hi Isaac,

It has to overcome the 20dMA convincingly first. Too early to pop the champagne. ;)

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