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K-REIT: Volume expansion.

Wednesday, September 22, 2010

Just yesterday, I mentioned that "the attempt to move higher in price was on the back of relatively low volume.  In fact, we could see a negative divergence between price and volume clearly.  Price is rising on lowering volume.  Not too promising." and "Of course, things could look much rosier if we have an expansion of volume the next day while price moves higher. TA is only about probability after all."  Well, today, volume expanded significantly.  In fact, it expanded so much that it negated the negative divergence observed yesterday.  The buy signal on the MACD histogram delivered the goods and proved the skeptic in me wrong.

OBV has climbed sharply indicating strong accumulation activities while the MFI rose towards overbought territory.  Demand is strong but the fact that there is a long upper wick in today's white candle suggests the presence of some selling pressure beyond $1.30.  Looking at today's trade summary, however, we find that of 4,334 lots traded, almost half of these (2,164 lots) were buy ups at $1.32.  If this buying momentum continues, we could see price moving higher.  Expect $1.33 to be the immediate resistance although it could be a weak one if the buying momentum continues. Immediate support at $1.28.

Related post:
K-REIT: Moving into the next band?


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