Friday, February 24, 2012


Capitaland: Technical Sell Call by CIMB. House note that rally from the $2.19 Dec low has been sharp without any significant pullback. Believe that the run is running out of steam and a correction could be on the cards.

The technical landscape also suggests that buying momentum is waning. The RSI sports a bearish divergence while its MACD is flattening out. Recommends taking money off the table now would likely be a good idea. As long as prices stay below $3.19, the correction is likely to send prices down towards the $2.80-2.90 support first. The moving averages are around the $2.70 levels, which could be potential support as well

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