AusGroup: Update.

AusGroup seems to have some trouble breaking resistance at 61.5c. If we draw a trendline support from 9 Feb, we see the support at 59.5c today, it is quite clear that the uptrend is broken.

However, I would like to point out that volume was rather low and, in fact, it is true for other down days in the past few weeks. Volume has been generally lower on down days and higher on up days for AusGroup recently. This suggests that a longer term accumulation is underway and this is confirmed by the rising OBV in recent weeks. However, with the MFI turning down, I expect some weakness in the near term but I do not expect a crash in price.

If 58.5c gives way, the next supports are at 57.5c (50% Fibo) and 56.5c (38.2% Fibo).  If the price action moves above the trendline support once more, resistance remains at 61.5c.

CapitaMalls Asia: Inverted black hammer.

CapitaMalls Asia's volume expanded on a down day as the 50dMA was breached.  It closed at $2.26, forming an inverted black hammer in the process, which happens to be another possible reversal signal.

OBV has declined but the overall trend of accumulation is still intact.  MFI shows reduced buying momentum while the MACD has dipped below zero, signalling the end of positive momentum.  Having said this, the picture of a low volume pullback has not changed.

Drawing Fibo lines to determine where the supports are in case the price does continue to decline shows the next support levels at $2.25 and $2.23.  The low in February was established at $2.19 and should be a strong support if tested.  The downside is still pretty limited, therefore.

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