CapitaLand Integrated Commercial Trust has regained its mojo following a short sideways consolidation. It could be ready to move above the several-times tested $2.28-$2.29 level. Quarterly momentum has strenghthened, and volume expanded on white candle days. Short term indicators are largely neutral. If momentum can stay resilient, and volume remains at current levels, prices should be able to breakout setting an upside target. In the immedate term the range could be tight, with support at $2.25.
Index components continue to move gradually higher on a rotational basis. DBS Group Holdings broke out of a sideways range on the first trading day of 2021. It is now consolidating its gains. Elsewhere, CapitaLand, currently at $3.47, moved above a several times tested resistance area at $3.20 to $3.23 in Dec, just as the 50- and 200-day moving averages made a positive cross. This coupled with rising 50- and 100-day moving averages, and volume expansion triggered at breakout on Dec 18, setting an upside of $3.90. The developer is likely to move progressively upwards, in a series of higher highs and higher lows. Support is raised to 3.40.
