In the last two sessions, I spoke of reversals for CapitaMalls Asia and Golden Agriculture and how their prices are likely to move higher.
CapitaMalls Asia disappoints today as its price closed at $2.29, supported by the 50dMA, forming a black hammer in the process. A black hammer is actually another possible reversal signal. The trading volume continues to decline which re-inforces the picture of a low volume pullback. The MFI turned down, forming a lower high while the OBV is more or less flat. All these suggest that the selling is half-hearted at best.
I continue to believe that buying at the current price has limited downside even though the buy signal on the MACD yesterday was negated today.
Golden Agriculture, on the other hand, put on a satisfying show of strength as it gapped up and closed at 57c, forming a bullish white candle in the process today. Volume has also expanded with the rise in price, suggesting some sustainability. The MACD's buy signal is confirmed as it moved upwards today, poised to do a bullish crossover with the signal line. OBV continues to rise, signalling ongoing accumulation.
MFI, however, continues to decline, suggesting weak buying momentum. We want to see the MFI turn up as that would signal a strengthening buying momentum. Otherwise, any appreciation in price might turn out to be mediocre.
Saizen REIT has a new substantial shareholder, Credit Suisse Securities (Europe) Limited. Credit Suisse Securities (Europe) Limited bought 2,149,000 units on 25 March 10, making it a substantial shareholder with 49,659,000 units or 5.2112 % of Saizen REIT. Percentage of issue share capital computed based on unit capital of 952,927,055 units. Saizen REIT closed unchanged at 16.5c today. Longer term MAs are all rising and the longer term uptrend is intact.
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