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First REIT: Could retest 84c high.

Saturday, September 17, 2011

Just like Cache Logistics Trust, First REIT saw its unit price moving higher on the back of higher volume in the last session.

Unlike my position in Cache Logistics Trust, however, my long position in First REIT is much larger and I stand ready to sell into strength if the opportunity presents itself.

It seems to me that First REIT's unit price broke out of an ascending triangle pattern. If this pattern is a valid one, we could see the high achieved in late July earlier this year tested. This is at 84c. Before that, I expect gap filling at 81c which could offer some resistance.

In an earlier blog post, I also said the fair value of the REIT is at 80c. So, if you have guessed that I have put in sell orders at 81c and 84c, you are right.

Related post:
First REIT: XR and fair value.


mark said...

Come to think of it. For a while it looked like a H&S formation

AK71 said...

Hi Mark,

Really? I did not see that but I guess it goes to show how TA can get subjective. :)

mark said...

Not a nice one.Neckline not clear. And it failed to follow through. But it did look a little like an ice kachang.

FoodieFC said...

Cache is going up too high. I am surprised that its price did not drop to 0.905 during the august blood bath.
Any idea how come?


AK71 said...

Mark, no, don't say that! I am trying to cut down on my sugar intake!

$1.20 Ice Kachang.

AK71 said...

Hi FoodieFC,

Well, the technicals show Cache to be overbought but whether it is too high or if it could go higher only Mr. Market knows. ;)

As for why it did not go to 90.5c during the recent sell down, again, only Mr. Market knows. ;p

What is more useful is to recognise the strength of Cache Logistics Trust's unit price. There are obviously many strong holders who are supporting the price. Wouldn't we like to be vested in a REIT with limited downside for income?

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