CapitaMalls Asia: Consolidating?

All we can really say is that the downtrend has come to a halt and that price is testing gap resistance at $1.75. In fact, today, price touched a high of $1.78 before closing lower at $1.74. Traders are selling into strength amid uncertainties in the world markets.

Although an inverted black hammer is not pretty, price still closed above the support line drawn with the low of 28 Feb as the source. This is encouraging. The declining volume as price tried to move higher is the major dampener for bulls here. If this continues, we could be seeing the early days of a longer consolidation process.

Immediate support is still at $1.69 and if this breaks, we could see price moving lower. The gap resistance at $1.75 which has cracked two sessions in a row remains the immediate resistance although weakened. A realistic target upon overcoming gap resistance is $1.83, a twice tested support that gave way on 23 Feb.

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