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CapitaMalls Asia closed closed at $1.91 today, up 2c. The MACD's bullish crossover is following through as it continues rising above the signal line. Being still in negative territory, this could just be a rebound. However, the higher lows on the MFI and RSI suggest firm underlying demand and buying momentum.
Immediate resistance is at $1.92 which is where the declining 20dMA is approximating. If this is taken out convincingly, next resistance level is at $1.95 followed by the downtrend resistance at $1.97. Closing above $1.97 would break the current downtrend. Support at $1.83 has been established.
Related post:
CapitaMalls Asia: Reversal?
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10 comments:
HI AK71
Would you like to link blogs with me? Would like to learn more from an experienced investor like you and exchange views on various stock counters. :)
cheers
ming
capitalmall also. :)
Hi Ming,
For some time now, I would do link exchange with blogs which are at least 6 months old and regularly updated. So, if you are still actively blogging over the next half a year, please let me know and I would be happy to do a link exchange.
Thanks for the proposal and I look forward to your next comment. :)
Hi CL,
Do you mean CMT? I am not vested in that counter. If you have made some gains, I am happy for you. :D
yup cmt. :) was wondering if you are updating your blog today, hehe.
Hi AK,
With regards to CapitaMall, perhaps you'd like to check out my TA at http://therichkidwannabe.blogspot.com/2010/12/capitamall-making-double-bottom.html
Would appreciate any comments you have seeing that you're a more experience investor than yours truly.
Hope you're having a spiffy festive season AK.
Cheers,
~K
Hi CL,
Haha.. Sorry to keep you in suspense. I was wondering if I would be blogging as well as I had a dinner appointment. After that, I spent an hour doing some other work. Also been rather stressed lately. Need a break or two ... or three. ;)
Hi Kay,
One thing I learn about TA is that no one is correct or wrong. It depends on which tools we use and how we do the interpretation. Anyway, signals could fail. ;p
You could be right about the double bottom for CMT. However, we won't know it is a double bottom until it is able to move past its neckline which looks like it's just under $2.
A higher low on the MACD is promising. However look at the MFI which is a measure of demand, the lower highs formed over the longer term do not inspire confidence. Downtrend is still intact for now.
Anyway, with such low yields, I am hardly interested in CMT. I echo your sentiments. :)
I'm vested in Capitamall at 1.87..I'm vested not for the yield, but for the capital appreciation..the yield would be a bonus.
Hi Hubert,
I guess you are referring to CMT. Good luck. :)
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