Short term stochastics has turned up from the bottom of its range, and 21-day RSI has bounced off a support at its equilibrium line. The range is likely to remain between 3,190 and 3,286. Support is at the breakout level of 3,190.
The break above 3,190 indicates a target for 3,420, and this remains valid for the time being. Only a break below 3.190 indicates the upside is no longer valid.
CapitaLand breaks out
Prices broke out of a thrice-tested resistance at $3.50 on Mar 29. The breakout indicates a measuring objective of $3.85 supported by rising momentum, and a significant expansion in volume. In addition, the 100- and 200-day moving averages have just made a positive cross. These underpinnings should continue to support the upmove. Any retreat, in reaction to short term overbought pressures, finds support at $3.54.
Part of CapitaLand’s strength could be attributed to its upcoming 12 cents dividend.
