Capitaland for the past 2 days went trading halt. Something was brewing and some news was released. Finally the official news was out and they had a S$11 Billion mega deal which caused the stock price to gap up. It might be good for the company and also since it was a super good news, the stock price reflected it as of last Friday's closing. Click and read the news below.
https://www.businesstimes.com.sg/companies-markets/capitalands-s11-billion-mega-deal-6-months-in-the-making
As of now, the news was good, the price shot up but it was too strong and hence, short term wise there were sellers looking to lock in profits. As marked in the 5 minute chart as X, you can see that the price is slowly tapering off. Personally by reading the chart, it has reached a supply zone. I won't be buying now but rather wait for a better opportunity to re enter again. Watching for the ws before taking a trade.
Ronald K - Market Psychologist - A Stock Market Opportunist
