On Friday, Capitaland re-test the support at $3.11 and closed at $3.14 with HIGH volume of 15.4 million shares traded.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
Both RSI & MACD are turning flat as RSI trend sideway.
Important Resistance of Capitaland: $3.25
Immediate Support of Capitaland: $3.11
Currently prices are resisted by 20 days MA.
The support at $3.11 seems to be holding well for Capitaland as bull attempted to push the prices higher using this as a base.
However due to the recent trend of Capitaland especially when China just announce the tightening of bank reserves, it is not recommend for entry now.
We would prefer to see $3.25 resistance breached with high volume to boost investor’s confidence ...
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