Chart courtesy of Chartnexus.com
Technical Analysis of Capitaland as per illustrated in Daily Chart above.
Reiterate my previous analysis as below:
+ BLUE CIRCLE REGION:
Capitaland acquired Capitamalls Asia at expensive and bad prices in my judgement. Acquisition is made at historic low interest rates environment and one which is flattening out. In essence, this acquisition is made in a business environment where property markets' technicals are turning downtrend for the long term.
Based on chart, Capitaland stock has bad fundamentals and bad technicals to drive it down to test $2.30 and $2.00 supports respectively.
Both $2.30 and $2.00 supports are expected to break down in this transition to long term bear market, leaving investors and buyers major wealth destruction.
All past Capitaland analyses:
http://donovan-ang.blogspot.sg/search/label/Capitaland
Donovan Norfolk Technical Rating:
Bearish
Long Term Bear Market Transition
(Sell on Rebounds)
Bearish
Long Term Bear Market Transition
(Sell on Rebounds)
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