CapitaLand has broken the 61.8% Fibonacci Support since last analysis and currently rebound from the 50% Finonacci Support at about $3.095. CapitaLand is still on the down trend and there is no sign of reversal yet.
CapitaLand has started a down trend after breaking the $3.60 support. The recent sell down punched through the 61.8% Fibonacci Retracement support at about $3.415. Expect Capitaland to rebound at this 61.8% FR support level but $3.60 will be turning from support to resistance. A “Lower Low, Higher Low” chart pattern has been formed to confirm the down trend for Capitaland.
Previous Post on Capitaland HERE.
CapitaLand has been trading sideway between $3.40 to $4.40 for the past 18 months. This is the 1st time in 18 months CapitaLand is unable to break the 200D MA resistance (in January 2011) and moves toward the $3.60 support. This $3.60 support proved to be a strong support for the past 5 occassions. If this support is broken, CapitaLand has very high chance to start down trend.
