CapitaLand (technical)

CapitaLand: has pulled back after earlier touching its 52 wk high at $3.77. The black marubozu intraday candle bodes negatively for near term price action, if it is confirmed at the end of the day. The indicators have been overbought for some time, and are beginning to hook down, which further suggests the time could be ripe for a slight consolidation. See support at $3.52 (the 0.62 Fibo level). Nevertheless, the stock has been in a longer term uptrend. A break above the recent $3.77 high could see momentum drive the stock toward the next resistance at $3.88.