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CapitaMalls Asia: Testing $1.88 resistance.

Thursday, April 7, 2011

With a huge buy up at closing last evening, I took a chance that $1.83 resistance might break today. I raised my sell order to $1.87 instead, just one bid shy of resistance at $1.88 which I identified on 5 April. The sell order was filled today as price touched a high of $1.88 before closing the day at $1.86. Volume was very high today, almost quadrupling from the session before. So, will the price move higher tomorrow? It could.

There is reason to be optimistic if we believe that volume is the fuel that drives rallies and clearing the $1.83 resistance on such high volume and testing resistance at $1.88 on the same day is quite impressive. The MACD has been rising in positive territory, signalling the return of positive momentum. The MFI is yet to be overbought while the RSI is bordering on overbought. The OBV suggests strong accumulation. Immediate target in case of a breakout: $1.95 followed by $2.00.


Although a long upper shadow on today's white candle suggests some selling pressure closer to and at $1.88, selling has been well absorbed. In case of a sell down, $1.83 is the immediate support while $1.80 could provide a stronger support as that is where we find the 50dMA as well as the trendline support. Breaking $1.80 support would mean that the current uptrend has been compromised.

Related post:
CapitaMalls Asia: Testing $1.83 resistance.

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