CapitaMalls Asia: Bouncing off $1.88 support.

In my last blog post on this counter, I said "Next support? $1.88. This is quite obvious from the candlesticks and also a gentler trendline support using the lows of 20 Dec 2010 and 1 Feb 2011."

Today, my overnight buy queue was filled as price touched a low of $1.88 before closing unchanged at $1.91. A doji was formed and it is a possible reversal signal. If the signal is valid, we should have confirmation tomorrow and price should move higher.

Immediate support at $1.88 while immediate upside target is $2.00. Could be a good trade.

Related post:
CapitaMalls Asia: Reloaded at $1.92.