Capitaland is currently trading within a range between $3.40 and $3.60. Key support to watch is $3.40. Breaking this support will form a “Lower Low, Lower High” bearish chart pattern. 200D SMA is about $3.40. In addition, this is also the 61.8% FR level.
In addition, breaking this support will start a Wave C. See previous Elliott Wave pattern on Capitaland here.
Keep a BIG eye on this level!
Capitaland broke out from the Triple Tops and reversed to the bearish trend. Capitaland is currently at Elliott Wave A and may be rebound from 61.8% FR (about $3.40) or 200D SMA ($3.30) to form Wave B before continue the down trend.
Another interesting observation to note on the Time & Sales after last Friday closing, there was a huge sell down from $3.52 to $3.40 with 16,091 lots transacted. This represent 47% of the whole day transacted volume. Who was selling “desperately” after trading hour? There were similar selling patterns on Wilmar and SIA also, with close to 50% of the whole day trading volume sell down after the market close. It is up to your imagination who are the BIG SELLERS but this type of selling is definitely not a good sign.
Capitaland is forming a Triple Tops, a reversal chart pattern, and currently just sitting at the 50D SMA and also the uptrend support. Breaking this support will change the trend for Capitaland. Upside potential is capped at $4.00 resistance but downside risk is huge. 200D SMA is at about $3.215.
