CapitaMalls Asia: $1.90 resistance turned support.

CapitaMalls Asia's $1.90 former resistance was tested today as support. A resistance once broken could become support but this always needs confirmation. Today, we have confirmation. My buy queue at $1.90 was filled.  This was a smallish transaction which I see as a hedge in case $1.90 held up as support.  This is a case of averaging up as my original long position was bought at $1.85 earlier on as the share price formed a bottom.

Usually, once support is confirmed, we would see more people buying in as they feel more confident. However, buying at support might not be available by then and any buying would be done at higher prices. With price closing once again at $1.92 after touching a high of $1.93, let us see how things turn out next week. Expect initial resistance at $1.95.

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CapitaMalls Asia: Plague, no more?

Healthway Medical: Back at support.

On 20 Dec, I said "Healthway Medical closed the gap today at 15.5c. Am I expecting more downside? Share price is pulling back from almost overbought conditions and I do not expect any huge downward movement. Notice that the decline in share price has been on the back of reducing volume." Price closed at 15.5c support yet again today.

The MACD is approaching zero. Would it recover or would it cross into negative territory? The MFI has emerged from oversold territory and is rising gently, suggesting a return of demand, although weak. Volume has been relatively low.

The RSI has been forming higher lows which suggest a strengthening in terms of buying momentum based purely on price. The OBV is flat which suggests a lack of distribution and accumulation. Verdict? This counter seems to be consolidating and, at this point, it could go either way. I am not doing anything here.

Related post:
Healthway Medical: Closed the gap at 15.5c.