Sunday, March 11, 2012

Capitaland

From a chartist standpoint, the stock recently fell below its 20D MA, and remains capped by the new resistance. 


The RSI has already turned down, and seems likely to break below its support at 50%, calling for new weaknesses. In which case, we expect further consolidation to 2.75 and 2.65, as long as 3.15 holds on the upside.




Pivot: 3.15

The preference is for Short positions below 3.15 with targets @ 2.75 & 2.65 in extension.

The alternative scenario Above 3.15 is to look for further upside with 3.32 & 3.45 as targets.

Comment: the RSI is mixed with a bearish bias.

I would not lay too much emphasis on this chart, as I believe Capitaland is a play on China property.

Full disclosure, I am long Capitaland.



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