Raffles Education: 200dMA resistance again.

A white spinning top formed today as volume expanded. Price closed at 30c, resisted by the declining 200dMA, after touching a high of 30.5c. 200dMA is still a formidable resistance.

The MFI and RSI are still in overbought territory while the OBV rose further. Momentum is still positive as suggested by the rising MACD in positive territory. With the MFI and RSI overbought, a pull back could take place soon. In such an instance, expect immediate support at 28.5c followed by 27.5c.

However, if volume should expand as the bulls try to push price higher, resistance provided by the 200dMA could be overcome and, in time, we could see price retest the high of 34c achieved in July last year.

Related post:
Raffles Education: Resistance at 200dMA. 

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CapitaMalls Asia: A sustainable reversal?

This counter formed a white spinning top today as it broke resistance at $1.95 to touch a high of $1.97, which is where the declining 50dMA is approximating. Of course, a spinning top is a sign of indecision and it was on the back of increased volume. It is not a strong bullish sign. The tug of war between bulls and bears is still significant here.

The uptrend which started on 20 Dec is still valid and the trendline support is at $1.89. With the 20dMA at $1.90, this is where we would find initial support in case of a pull back in price. This support should hold and if it does, we could be looking at an ascending triangle pattern. This would give me a target close to where the 100d and 200d MAs are at, approximating $2.08 and $2.10 currently.

OBV continues to climb, suggesting continuing accumulation. MACD has risen once more above the signal line and could be ready to cross into positive territory. The MFI and RSI are both rising after successfully testing 50% as support. Things are looking good here and I would accumulate on weakness.

Related post:
CapitaMalls Asia: $1.90 resistance turned support.