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This tells me that sellers are less enthusiastic now and that, perhaps, all the ones who want to sell at the current prices have sold. The MACD is closing in on the signal line in negative territory. Could we see a positive crossover and a rebound in price soon?
The MFI and RSI are both in oversold territory while the RSI has formed a higher low. Going long at $1.68 could be a good idea. Immediate resistance is provided by a confluence of the 20d and 50dMA at $1.76.
A stronger resistance is at $1.82 which is where we find the declining 100dMA although we could see price going above it if past experience is anything to go by. A breakout on higher volume could just make that happen.
Related post:
CapitaMalls Asia: A reversal signal.
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2 comments:
Hi AK,
I am thinking of buying CapsMallAsia? Do you think this one is for keeps?
THank you
REgards
Phyllis
Hi Phyllis,
CapitaMalls Asia's track record is a good one and if we believe in the Chinese success story and the rise of the Chinese consumers, investing in CapitaMalls Asia is a good idea. However, it could take some time before the numbers come in stronger.
So, patience is required if we choose to invest in the company. It is, after all, fundamentally strong but still technically weak.
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