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Sabana REIT: Turning positive.

Monday, April 25, 2011

The last time I wrote about Sabana REIT exclusively was on 4 April when I mentioned that a positive divergence was rather obvious. I also mentioned that "a significant resistance presented by the declining 20dMA at 94c would have to be cleared first." The declining 20dMA has flattened at 93.5c by now and, today, price closed at 94.5c.

For the first time in a very long time, we see the +DI having the advantage. The MACD continues to rise above the signal line in negative territory while the MFI suggests that the REIT is still oversold. The RSI and the Stochastics have both bounced off their respective 50% line, suggesting that there is some support for this REIT at the current price level. We could be seeing the end of basing activity.

If we look at the daily chart, we can estimate the neckline of a potential double bottom formation to be at 95c. If we take the low of 92c and project the 3c difference from 95c, we would get an upside target of 98c. This is, of course, if the pattern is a valid one. With the REIT's manager due to make the announcement on its maiden income distribution in a matter of days, there is reason to believe that we could see its unit price moving higher rather than lower.


Persia said...

Hi AK71,

I am "cautiously" optimistic that Sabana might potentially be giving the highest yield (percentage-wise) among SREITs this time round, please visit my blog to read my analysis and leave your comments. Thanks!

Anonymous said...

Hi AK,
I have been following your blogs since Jan.'11. I bought many REITS based on Fundamental analysis as I know nothing about Technical analysis. I am using your post as a guide to help me in my buying/selling/accumulate/hold decisions.
Based on your comments, I was able to initiate entry points for the newer REITS (Sabana and Cache).
Thank You AK! from Goldmansion

AK71 said...

Hi Persia,

Thanks for sharing the link. :)

Good luck to the both of us with Sabana REIT. ;)

AK71 said...

Hi Goldmansion,

A fellow unitholder in Cache Logistics Trust and Sabana REIT? I am happy that my blog posts have been helpful in timing entries for you. I like sharing and I am glad. So, you are welcome. :)

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