It has been almost a month since I last covered Capitaland. Basically there was nothing much to mention except that it was on the way down.

However, Capitaland’s recent chart seems to show a sign of slow down in its downward pressure. A comfortable support seems to have settled at 2.28. This is good news for long term investors to bottom fish but please be aware that even though the support seems to be at 2.28, it might be caught in the side way movement for a while so as to gain momentum before it moves on.

If the near term resistance at 3.28 can be convincingly broken through, and its price maintains above 20-day SMA or better still above 50-day SMA, more upsides will be expected and it would then be more likely that Capitaland has successfully bottomed out.

On the contrary, if Capitalnd were to give up 2.28, it will move down to test the psychological support at 2.00.