CapitaMalls Asia: At resistance.

Volume expanded visibly as price moved higher in the last session, touching a high of $1.75 before closing at $1.72, forming a white spinning top in the process. I don't like a spinning top in the current picture as it suggests indecision. Also, closing at $1.72 means that the downtrend is still intact.

If the 20dMA should be overcome in the next session, the downtrend would have been broken and we could see price rising to test $1.83, a previously strong support which should be a strong resistance now. In the event that $1.83 were breached, price could touch a high of $1.87. My refusal to sell in the recent price weakness would then be rewarded.

However, a continuation of the downtrend would find support at $1.60.

Related post:
CapitaMalls Asia: Green in a sea of red.