Property stocks hit earth
Capitaland – Attempt Recovery
Not as technically roubust as Wheelock Properties and UOL, the candle stick chart formed a hammer, which is the equivalent of a Western system key reversal day, followed by a push up – confirming that the hammer is bullish. On the indicator front though, momentum is still somewhat moribund. RSI has turned up after a positive divergence, so prices may attempt an upmove to $4.50. If so, support may rise to $4.
City Development – No breakout yet
Hasn’t broken out like UOL, it has managed to move higher on expanding volume. The underlying tone is a little weak, though it is stronger than Keppel Land. MA are still falling, and the 50 day MA at $10.29 will likely provide resistance for any further rebound. On the downside, prices should hold above $9.
Keppel Land – Lacklustre move
The move looks totally lackluster and without conviction. You only hv to glance at UOL to witness a real break out. Kepland couldn’t do it. At best, expect some sort of a rebound. Resistance is at $3.50. The counter is unlikely to do much more unless RSI breaks out and quarterly momentum turns up. The lows at $3.11 should hold
UOL – Breaks above resistance
A successful break indicates an initial target of $3.60. Price were above $4 a few months ago, and if this is a real reversal, then who knows high prices can go.
Wing Tai Holdings – Temporary rebound for now
Wheelock Properties – Rebound at last
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