Just last week, we spotted some weakness in Capitaland with it breaking below the 3.80 support level….
Was attempting a move above the key 3.90 last month but it just couldn’t do it and in the end sellers came back and it retraced lower..
Some targets were drawn to the downside to 3.60 then about 3.45…
See chart below..
We have already hit our first target at 3.60 with the 2nd target almost touching…
So far seeing some buyers coming back near 3.45 which is normal given the sell down and short covering and the fact that it is back to its key support again…
Some may be tempted to start accumulating on dips near this support at 3.40 – 3.45 that has been holding for a year…
Nothing wrong, but would want to be careful on any firm price actions below the 3.40 level which can set off a new wave of selling to 3.30 then 3.25…
Also, system had a new bearish signal recently with no exits yet…
See what I mean below.
For any quick rebound trades, good to have a plan to exit any long positions if 3.40 fails to hold..
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