SINGAPORE
6 Dec 2010
Charted Terri tory
MITA No. 020/06/2010
CDL HTrust
Last Closing Price: $2.01 Last Market Volume: 3.5m shares 52 Week Range: $1.60 - $2.24
Breach of key supports suggest further downside ahead More correction ahead. CDL HTrust could see further downside pressure after reversing south at the key $2.22 resistance and breaking below its 21-month uptrend line recently; this was later followed by further bearish breaks of its 100-DMA and $2.04 key resistance-turned-support on increasing volume over the past few sessions. Indicators are bearish. With both the RSI and MACD already showing bearish divergences to the price action over the past four months, they suggest that the downside momentum is still intact at the moment. Immediate support at $1.93. We expect the correction to test the immediate support at $1.93 (key resistance-turned-support), breaking which, we see the next support around $1.79 (resistanceturned-support). Initial resistance at $2.04. Above the newly established supportturned-resistance at $2.04, we peg the subsequent key resistances at $2.22 (key peaks from Sep to Oct 10) and $2.33 (peak in Feb 08).
Source: thenextview.com
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For OCBC Investment Research Pte Ltd
Published by OCBC Investment Research Pte Ltd Page 2
Carmen Lee Head of Research 6 Dec 2010
