CapitaMalls Asia's share price is enjoying a strong follow through after breaking resistance. Further increase in share price is likely to meet stronger resistance at $1.93, the 138.2% Fibo line. Overcoming this resistance level would see the next two golden ratios at $2.00 and $2.07 providing resistance.
It remains to be seen if $1.84 is resistance turned support. Stronger support is at $1.705 as that was a many times tested resistance that finally gave way after a period of seven months. Bears would have to be out in full force and more in order to push the share price below $1.705 as the bulls who missed the boat earlier would likely try to get on the boat at this very price, give or take a couple of bids.
All the daily MAs are rising and the picture has turned nicely bullish. Any correction to test ......