Capitaland's share price touched a high of $2.66 and closed at $2.65. Remember that I mentioned that in very bullish circumstances we could see $2.65 or even $2.75 tested? This is still valid.
I did a partial divestment at $2.65 today. If the following week should see price pushing higher, I would be happy to divest once more. $2.75? It could happen although I see the declining 200dMA now at $2.73. This could limit further appreciation in price. Although bulls could push past this resistance, it would surprise me (pleasantly) if price could close above the 200dMA. Why do I say this?
Momentum oscillators also signal that greater caution should be exercised. On the daily charts, the MFI has entered overbought territory while the Stochastics has been overbought for some time. It is riskier to go long at present despite the return of positive momentum as shown by a rising MACD in positive territory.
Long holders could consider selling while anyone thinking of buying could consider waiting for a pull back to supports.
Related post:
Capitaland: Partial divestment at $2.48.
4 comments:
should have held on to it a while longer. :P
Jurong Gateway coming up in the next few years.
Hi Ray,
Haha.. Don't start on this. ;)
Hi DW,
Do you think that has any bearing on the recent price movement?
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