Capitaland has broken down 20 DAY MA support on the 22nd May 2013 (Green Line) and has came down hard before consolidating for the past 3 weeks below 3.10. Today we have finally seen it crossed above the 20 DAY Short term MA (at 3.10) for the first time since breaking below it. At current level, it has also broke out of consolidation phase with resistance at 3.10 coincidently . Next target to watch will be 3.40 then 3.52 (200 DAY MA) if the market strengthens further. Immediate support would now stand at 3.10 and can consider accumulating on dips above 3.10 for more upside and potential rebound. Recent high in May was above 3.80.
Stop loss at 3.06 for short term trades.
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