After Capitaland formally announced its widely anticipated rights issue, the price briefly rallied till it hit the 50-day moving average resistance before then succumbing to heavy selling that pushed the price to the 2009 low of $1.76. In tandem with the current broad market rally, Capitaland has rallied once again to the 50-day moving average resistance. If it does manage to break this resistance, it will then have to clear the next stronger resistance at $2.3 which represents the most recent post-adjusted high. Technical support may be found at $2 followed by $1.76.