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First REIT: Weakness on XD.

Wednesday, April 27, 2011

First REIT went XD today and its unit price gapped down, closing at 73.5c on the back of higher volume. Could its unit price continue to weaken? Acknowledging the lack of trend, let's look at the Stochastics and it is obviously falling from overbought territory. It could continue falling and we could see First REIT's unit price testing the support of its trading range at about 72c, given time. However, this might  not happen since price is currently at a confluence of MAs (i.e. 20d, 50d and 100d) which could act as support.

What would I do? Sell at resistance and buy at supports. If price should have a bounce up, selling at 74.5c or a bid lower at 74c could be a good idea. If price were to retest 72c support, buying more is what I would do. If you guess I am putting more faith in the possibility of the REIT's unit price weakening further in the short term, you are right. Just remember, however, that I could be wrong. ;-)


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