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.
- Post author:Marubozu
- Post published:September 7, 2009
- Post category:Capitaland
- Post comments:0 Comments
Tags: Triple Tops