Capitaland (SG): support must hold

Company profile: Capitaland Limited and its subsidiaries operate in residential and commercial properties, property fund management, and serviced residences. The Company also manages other properties.

Solid profit taking has set in after hitting the 162% extension level at 4.03. This dip is still classified as a counter trend phase. However, it is imperative that the support zone around 3.40 holds out over the next few days. Only then buyers keep control over the longer term charts. Needless to say the current pressure is too big for comport so prudence with large positions is highly recommended. Dipping below 3.19 cancels the uptrend completely.

  • Primary trend: positive
  • Outlook: vicious correction in uptrend
  • Support: 3.40 / 3.321 / 3.190-
  • Resistance:  4.03* / 4.225 / 4.460

Weekly chart Capitaland:

capitaland_15mar2013

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