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Capitamalls Asia: Longer term uptrend.

Thursday, November 29, 2012

Earlier this month, I mentioned that we want to accumulate shares of Capitamalls Asia on any correction in price. Well, it happened while I was away in the USA and anyone who bought some then for a trade would book a 10% gain by now.

Daily chart

Weekly chart

As price rose, volume has been falling. The MACD, a price momentum oscillator, has not formed a higher high even as share price did. The MFI, a momentum oscillator that takes in both price and volume, likewise is lethargic. The negative divergences thus formed suggest a possible correction in share price is near.

In the longer term, share price is likely to continue strengthening as the uptrend is intact with all the MAs rising. So, the appropriate strategy for me continues to be to add at supports. I would look to the 50d MA for guidance as to when to add to long positions.

Related post:
Capitamalls Asia: Any correction is a buying opportunity.


AK71 said...

“Raffles City Chengdu by Singapore-listed CapitaMalls Asia and MIXc by CR Land have managed a near 100% occupancy quickly, with relatively strong foot traffic and sales, even though MIXc’s location is not well-developed yet,” Credit Suisse said.

"The success of Raffles City Chengdu is also an example that 2013 may be the harvesting period for CMA.”

Target: $2.14

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