As it seems, property stocks are on the rise given the highly volatile market conditions that have ensued on Wednesday’s trading. They have been quite lagging in the blue chip rally last month given the impact of the stamp duties that really brought their prices way down in December. But things seem to be getting rosy for the counters and I have compiled snapshots of Capitaland, Keppeland, Ho Bee, Yanlord and Wing Tai.
Bullish. Capitaland has just broken out of a minor resistance line (of a peak in mid July ’11) and is steadily on an uptrend towards 3.25 of a fib projection 100% level.
MACD histogram has been 3 days in green and positive. MACD line is trending up.
RSI is in overbought territory but well supported by the 70 support line (formed by a trough 18 Feb)
Volumes match price action.