Capital Malls Asia (JS8) seems to be consolidating around 1.4 to 1.48
This represent a pretty good entry point as the range is narrow.
Looking ahead, it face heavy resistance from the thick kumo.
If it goes above 1.6, a bullish trend will be confirmed.
In the short term, I am looking for a possible weak bullish cross below the kumo.
SGX Ichimoku chart continues to show bearish sentiments.
1. Bearish Tenkan sen – Kijun sen cross beneath the kumo sighted.
2. Thick kumo resistance ahead.
3. Support level is at around $7.24.
However, with the Tenkan sen and Kijun sen both showing bearish strengths, it is likely that $7.24 will break and we may see it test support at $6.92 and $6.58
If $6.58 does not hold, the target is around $5.76 or lower; back to 2009 levels.
China MinZhong (K2N) has a sell off a couple of days back which see its share price plunge from 1.68 to around 1.42 with little buying to support.
As we can see, it has been oversold with the price far moving far off from the Tenkan sen.
It is expected to have a bounce up to around the resistance level of around 1.56
After which, I expect it to fall again closer to the 1.35 support level.
Target Timeframe : Over the next 1 month
