On Thursday, CapitaMall tested its major support at $1.89 and closed at $1.89 with HIGH volume of 6.26 million shares traded.
An engulfing bearish line occurred (where a black candle’s real body completely contains the previous white candle’s real body). The engulfing bearish pattern is bearish and signifies that the momentum may be shifting from the bulls to the bears.
Both RSI & MACD are bearish as MACD perform a “cross down” recently.
Important Resistance of CapitaMall: $1.93
Immediate Support of CapitaMall: $1.89
Currently prices are resisted by technical/20/50/100 days MA at $1.93
As of now prices remain trending on the rising line and resting at a very strong resistance turned support at $1.89.
Normally we would encourage investors to buy at the strong support; however the recent selling pressure has put us off into trading this stock.
High volume indicates that bears are trying to push the prices down while bull continues buying up. With the prices right at critical neckline, we expect high trading activities for next trading sessions.
We would hope to see the “Volume” calm down before investing at around $1.89 support.
On Thursday, Noble falls further and closed at $1.57 with LOW volume of 20.2 million shares traded.
A black candle sticks with short lower shadow indicates the selling pressure despite having low trading volume.
Both RSI & MACD are bearish as MACD perform a “cross down” today.
Important Resistance of Noble: $1.61
Immediate Support of Noble: $1.54
Currently prices are well below 20/50/100/200 days MA.
We do not need a TA expert to tell that Noble is currently very bearish with both long term/short term prices heading downwards.
Do not encourage to buy now but watch for the “final defense” at $1.54.
We expect heavy selling if that gate were to be breached at high volume.
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