On Friday, S & P 500 continues to rally upwards after breaking the critical neckline at 1040 and closed at 1078
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
In addition, all these three candles actually close at high to reaffirm the high expectation of the investors for this Q2 earning season.
Both RSI & MACD are bullish as MACD performed a “golden cross” on 9/July.
Important Resistance of S&P 500: 1085
Immediate Support of S&P 500: 1040
Currently S&P 500 are resisted by the 20 days MA and supported by the critical neckline at 1040.
S&P 500 broke out of the 1040 H&S neckline on 7/July but the average trading volume delivers a far from conviction for this rally. Having to say that, the index continues to rally at decreasing volume which is a common sight to see nowadays.
We hope to see more trading volume supported by earning reports which will give investors greater confidences behind the move.
We are also expecting to see the break out of the “Descending triangle” at around 1085 to demonstrate the strength of the bulls. Lastly the major technical/50/200 days MA resistance at 1106 will indisputably a hard nut to crack.
On Friday, Capitaland continues to trend upwards and closed at $3.68 with high volume of 19.9 million shares traded
A white candle stick with long upper shadow indicates that traders choose to lighten the investment instead of buying up the stocks
Both RSI & MACD are turning bullish as MACD about to perform a “golden cross”.
Important Resistance of CapitaLand: $3.74
Immediate Support of CapitaLand: $3.57
Prices are currently supported at the 50 days MA and resisted by the 20 days MA.
From the chart, Capitaland has attempted to break out of the symmetrical triangle pattern at high volume on Friday. Unluckily it failed and marked a candle stick with long upper shadow.
We would advise to consider entry only if Capitaland breaks out of the symmetrical triangle pattern and above the technical / 20 days MA resistance approximately $3.74.
But of course it will be even a better choice to buy when Capitaland break out of $3.84 technical/100 days MA resistance at high volume.
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