Saizen REIT: Retesting 18c resistance.

Today, Saizen REIT started the day at 18c per unit but in the late afternoon, a single transaction of 3 million units was sold down at 17c before price recovered and closed at 17.5c. This formed a black candle with a lower wick. Immediate support remains at 17c and the rising 20dMA as well as the trendline support suggest that this could be a strong support.

The RSI has declined but remains in overbought region. The MFI has broken its uptrend and falls towards 50% which could act as a support. No sign of distribution on the OBV. Overall, the situation is rather benign and there is support. 18c remains the resistance to watch. It remains the ideal price at which to reduce exposure, being the high of 2010 and likely to remain strong in the memories of market participants.

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