Capitaland: Ready to go up?

A nice chart on Capitaland for a potential bullish short trade.

Capitaland has retraced back to 61.8% Fibonacci Retracement Level after reaching the high at $2.75 recently. As long as Capitaland stays above this 61.8%% FR at about $2.63, the price target for the short trade is $2.95 which is the 161.8% FR level. 2/5 EMA on both daily and weekly charts show bullish signal and 20D SMA is trending up. 200D SMA is at $2.67.

However, watch out for the Bearish Engulfing candlestick at the 200D SMA resistance. This candlestick pattern may spoil the fun!

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