Capitaland – forming a Triple Tops?

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Today Capitaland looks like having a breakout from a triangle. The stock price is also moving away from the 20D & 50D MA support line. MACD is showing bullish convergence again. Is Capitaland forming a Triple Tops first before reversing the trend? I will still continue to stay out of this stock because upside is limited as it has very strong resistance at $4.14. Downside probabality is much higher than upside probability, upside potential is only 7.8% (from $3.84 to $4.14) while downside is 16% ($3.84 to $3.22). $3.22 is next support level base on 61.8% Fibonacci Retracement.

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Capitaland DOUBLE TOPS formation – Down Trend started?

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A double tops had been formed on Capitaland indicating the trend reversal. In addition, all Standard Six Indicators are showing bearish convergence. Capitaland closed at $3.63 today with hanging man candle. Stock price broke the 20D & 50D MA support and at the lower end of Bollinger Band. MACD is very close entering bearish convergance at lower half, RSI & Stochastic are showing bearish convergence as well. All technical indicators showed that down trend is going to start. I am sitting back, relax and wait for the big correction before I long this stock. I hope I am right!

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