Technical Pulse: Capitaland Mall Trust October 1, 2020 699

Capitaland Mall Trust (SGX: C38U) has been on a range bound in a form of a larger corrective flat waves since the strong impulse down move in March 2020. To add on, the recent technical indicate a stronger downside to come:

  1. The head and shoulder formation indicate a reversal after a minor upside of abc waves indicated in the chart.
  2. Evening star formation on the right shoulder add on to the prospect of a convicted bearish downside.
  3. The candle on Wednesday has broken strongly below the neckline resistance.
  4. To add on, the candle has broken below the 50-day exponential moving average.
  5. Mid to long term target will be the 88.6% Fibonacci retracement of wave A.


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



Exponential moving average

Red dotted line = 200-day moving average

Blue dotted line = 50-day moving average

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