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Cache Logistics Trust: Further divestment at $1.

Friday, September 16, 2011

On 29 August, I mentioned that the mini double bottom, if valid, could see price go higher with a target of $1. On that same day, I partially divested my investment in the REIT as gap was filled at 96c.

On 8 September, I divested further at 98c which I thought was a rather stubborn resistance. The stochastics also showed the REIT to be very much overbought.

However, as is my usual style, recognising that TA is all about probability and never certainty, I did not divest fully. Today, my overnight sell order at $1 for Cache Logistics Trust was filled late in the afternoon.

With today's further divestment, my investment in Cache Logistics Trust is reduced to a rather small position, similar in size to my remaining investment in Suntec REIT. I would probably not do a full divestment unless Mr. Market should go crazy and give me a much higher price from here.

Technically, closing at $1.01 on the back of relatively high volume is good news for long holders and we could see the historic high of $1.02 tested next.

With Stochastics still high in the overbought region, we could see the REIT's unit price pulling back to supports. Of course, in extremely bullish circumstances, overbought conditions could persist for quite a while.

Related posts:
Cache Logistics Trust: Gap closed at 96c.
Cache Logistics Trust: Partial divestment at 98c.


OT83 said...

ah huat!

Short and simple comment.

AK71 said...

Hi OT,

Er.. thanks but it is just pocket money. Really. :)

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