CapitaLand Ltd (SGX: C31) upside has been strong and impulsive since prices breaks upward of the falling wedge. Technical indicate that the bullish upside is yet to be completed:

1. Ichimoku Kinko-Hyo indicate a strong bullish three golden cross after the Tenkan-sen crosses above the Kijun-sen followed by chikou-span trending above the candles. Also, prices has been trending above Senkou-Span A and B with senkou-span A edging higher and diverging away from Span B, indicating stronger momentum ahead.
2. Hammer has closes above the Tenkan-Sen, indicating bullish desire to move up.
3. Chikou-Span upside has reflected the impulsive move up and the distance between the candles are far apart, citing strong momentum.
4. Price action indicate a pennant formation, which is a strong bullish continuation formation.

*Timeline of the trade is 3 weeks from the date issued.

*Resistance level at $3.23 remains a crucial resistance level to be cleared. Should it fails to clear, the next support at support zone 1 will be the next best level to accumulate for a buy.

CHART LEGENDS

Ichimoku Kinko Hyo

Red dotted line = 9 Periods Tenkan-Sen

Blue dotted line = 26 periods Kijun-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line