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The immediate support at $1.88 gave way today as price closed at $1.87. I have a faint suspicion that on top of a lack of buying interest, there were also people who did not want to hold on to a long position over the weekend. Whatever it could be, price weakness was on the back of similar volume as the session before. A sell down without heavy volume but a sell down nonetheless.
The MACD has completed a bearish crossover with the signal line and dipped into negative territory. The MFI and RSI both dipped below 50%. My long positions taken at $1.92 and $1.88 are underwater. A retest of the low of $1.83 is not improbable. What would I do? Add to my position?
I would add to my position only if the support at $1.83 holds up . If that support breaks, using a few sets of Fibo lines, the next major support could be at $1.70 and that is some way to fall.
Related post:
CapitaMalls Asia: Full year FY2010 results.
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12 comments:
the 2% p.a 2yr bond issued by capmall is capital guarantee?
Hi AK,
What tools do you use to chart the fibo lines? Thanks
Hi WK,
Yes, it is guaranteed by CapitaMalls Asia. ;)
However, with inflation going at 4% or so per annum and likely to get worse, I don't think I would put my money in bonds now or in the near future.
Hi cyclops,
The Fibo lines? It is part of a suite of tools that comes with ChartNexus. :)
Hi AK,
I am using chart nexus. But I can't find it under the Indicators section? U added them manually ?
Hi Cyclops,
My ChartNexus program is bundled with my trading account from Lim&Tan. The Fibo option has a symbol that looks a bit like the cake, Kuei Lapis. A box with layers. Do you see it?
Hi AK,
Found the "Kuei Lapis" button. I have one more qn. How do u decide which price to drag the other fibo lines to after fixing 0% line? I am unsure how the other prices are determined based on the ratios.
Hi Cyclops,
Glad you found it. :)
A discussion on Fibo lines took place right here in my blog not too long ago or at least I thought it was not too long ago.
Looking for the comments took me back two months. Time flies.
Check out the comments in this blog post:
CapitaMalls Asia: Bought some at $1.85
Hi AK,
Thanks. The comments from that post gave me a better understanding of Fibo lines now. =)
Hi Ming Zheng,
You are welcomed. Are you Cyclops? ;)
Hi AK,
yeah. just realised my account was logged in.. haha.
Hi Cyclops (aka Ming Zheng),
Cool! You have a profile too but it's a private profile. So, I didn't get to see anything. ;-p
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