CapitaMalls Asia broke out of a downtrend on 2 Sep and touched a high of $2.25. Today, Daiwa upgraded CapitaMalls Asia to outperform but the share price fell instead to $2.20. Could price fall further?
The MACD histogram has turned red. This is a sell signal. MFI has formed a lower high which suggests weakening demand. OBV shows a slowdown in accumulation but there isn't any serious reversal. RSI has dipped and left the overbought territory behind. The current weakness could just be a correction from overbought conditions. If so, where is the next support?
I see the next support at $2.14, a many times tested candlestick resistance level and should be a strong support. This is also where we find the downtrend resistance line which the counter broke out of on 2 Sep. This price level is likely to be fresh on the minds of market participants.
CapitaMalls Asia upgraded to Outperform by Daiwa... says property group’s recent $788.9 million joint acquisition with CapitaLand (C31.SG) of Singapore’s Bedok Town Centre site, which can be developed into residential-cum-retail property, reinforces CMA’s dominance in local retail property market.
Wednesday, 08 September 2010
Wednesday, 08 September 2010
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