Tuesday, August 18, 2009
Capitaland DOUBLE TOP formation - down trend started?
A double top had been formed on Capitaland indicating the trend reversal. In addition, all Standard Six Indicators are showing bearish convergence. Capitaland closed at $3.63 today with hanging man candle. Stock price broke the 20D & 50D MA support and at the lower end of Bollinger Band. MACD is very close entering bearish convergance at lower half, RSI & Stochastic are showing bearish convergence as well. All technical indicators showed that down trend is going to start. I am sitting back, relax and wait for the big correction before I long this stock. I hope I am right! 
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CapitaLand: Deploys S$1b in China, Vietnam and Ascott businesses. CapitaLand Ltd. has set aside S$1.0b from its S$1.8b rights issue raised earlier this year to grow its China, Vietnam and Ascott operations. The balance of the proceeds amounting to S$800m will be set aside for further opportunities that the group’s business units may identify. Out of the S$1b deployed, S$500m will go to CapitaLand China Holdings, S$299m to CapitaLand
ReplyDelete(Vietnam) Holdings and S$200m to the Ascott Group. Over the next 6-12 months, CapitaLand expects its treasury cash level to be reduced from the existing S$2.8b to S$1b-2b partly by prepaying debt that matures in the next 2-3 years and partly by deploying capital to investment opportunities that may arise. (Source: The Business Times)