Tuesday, July 9, 2019

CapitaMall Trust: Uptrend still in progress for now? Price 2.71. Some support seen.

Up to last month, CapitaMall Trust has been trading below this key 2.48 resistance level and this dates back all the way to 2013…

Since the beginning of the year, we have been seeing higher highs with the uptrend starting to take shape but…

this level was still critical for more upside to continue… the 2.48 resistance!

However, just last month, we saw some bullish actions again with it attempting to finally break through..

Buyers were trying to get past it and finally sellers just gave way with a bullish candle seen…

Targets were immediately drawn to capture any upside from here… see what I mean… first target to 2.60 first…

Indeed, it started trading upwards fast and 1st target was hit in a matter of days in early June..

There was some consolidation below 2.60 which was normal give the rally we have seen…

However, more upside was not ruled out and target was revised with the eventually break of the 2.60 resistance as seen below..

Target raised to 2.80!

Over the past few days, seems like we have breached the 2.70 to find a new recent high..

Uptrend still looks intact if we can hold above 2.70 for now..

But we may see some profit taking along the way with 2.80 target still on track.. watching..

Would definitely want to take steps to protect profits while riding more upside if it plays out… :)

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