Posts
The support identified at $1.85 was broken yesterday but recaptured. Today, price closed at $1.84. Do we hit the panic button, sell and run for the hills?
The black candlestick formed today was on the back of lower volume, less than half of yesterday's volume. Selling pressure is still around as suggested by the long upper wick of the candle. However, with price closing only 1c lower, it suggests that the bulls are putting up a fight here. The bears are not as strong as yesterday but still have the upper hand.
A short term positive divergence is what I see with higher lows on the MFI and the RSI as price declined. As price has been pushing the borders of the lower Bollinger and is some distance from the 20dMA, we could expect a brief respite from further downward pressure.
Connecting the highs of 10 Nov and 13 Dec gives us a steeper downtrend resistance line. This is where the declining 20dMA approximates. I expect some resistance at $1.95 in case of a rebound.
Related post:
CapitaMalls Asia: Bought some at $1.85.
Bloggy Award
8 comments:
Looks like it is going to be a long long wait for me to breakeven on my IPO$ on this counter.
SnOOpy168
Hi SnOOpy168,
Oh my, you have this from IPO? Hmm, yes, it does seem like you have to wait quite a bit more.
I will wait and see. The selling pressure appears to be easing. I would be looking at a possible entry around $1.80
Hi Hubert,
Being cautious, I see. ;)
Good luck. :)
The selling pressure still intense. I would be looking at a possible entry around below $1.75
Hi Anonymous,
Being more cautious? ;)
Could you include your name or initials in future comments?
Hmmm...just wondering if there is any reason why this counter is declining that retail investors are not aware of ............It seems to have broken $1.91 too easily.
Hi financialray,
There are many things that we, retail investors, are not in the know. Of this, I have no doubt. ;)
Why did CMA's share price plunge so much, so quickly? Your guess is as good as mine. Fear of credit tightening in China? Perhaps.
All we can do is to make plans and act accordingly. Let's hope that our plans are sound. :)
Post a Comment