Technical Pulse: Capitaland Commercial Trust August 5, 2019 117

 

Support 1: 2.03              Resistance 1: 2.30                

 

CapitaLand Commercial Trust bullish move is strong despite the correction. The falling wedge suggests the formation is a healthy bullish continuation pattern. The morning star candlestick formation above the 61.8% of the Fibonacci level and the positive close on Friday above the lower band of the Bollinger band further confirmed the upward momentum.

Stochastic Oscillators had initially shown that the stock is overbought and we should see a strong rebound back to the upside.

 

CHART LEGENDS

Red line = Upper Bound Bollinger Band

Blue line = Middle Bollinger Band

Green line  = Lower Bound Bollinger Band

Red dotted line = 200 Periods Moving Average

 

Bollinger Bands Periods = 22

Standard deviation = 2

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Profile photo of Chua Wei Ren

Chua Wei Ren
Technical Analyst
Phillip Securities Research Pte Ltd

Wei Ren specialises in Technical Analysis and has 9 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory and Supply & Demand strategies as he believes that history plays an important role in how the market is reflected in the future.

He graduated with a Bachelor of Economics and Finance from University of Murdoch.

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