Property Counters – Unlikely to see rally in the short term
A quick scan at some Singapore property counters like City Development, Capitaland, Keppel Land and Allgreen, the charts tell that unlikely there will be rally in the near term in addition to the thin trading volume.
City Development is entering into consolidation phase with reduction in the trading volume. The chart is currently showing Price Volume Divergence indicates that up trend is not sustainable if the volume does not return. It is important to see whether $10.40 can turn from resistance to support line with healthy volume.
Capitaland is showing the similar Price Volume Divergence and the stock price is gyrating around $4.10. It is important to see whether this stock is able to turn this $4.10 resistance level to support level with healthy volume. Otherwise, the uptrend is not sustainable.
Keppel Land is also showing the similar Price Volume Divergence. The stock price will probably gyrate around $3.20 for a while after breaking up from $2.81 resistance level recently.
Allgreen has been moving in a sideway for two months with thin volume at about $1.15. The stock needs some catalist before the stock price moves again. There is no clear direction where the stock price will move in the near future.
