Cromwell European REIT’s (CEREIT) technical outlook is a trifle weaker than industrial and commercial REITs such as Frasers Industrial and Commercial Trust (FLCT). FLCT is entrenched within a narrow range and failed to move above at a confluence of resistance and its flat 50-day moving average at $1.44 despite a surge In volume on March 17, which was accompanied by a black candle.

Since testing a high of EUR0.50 ($0.802), CEREIT’s unit price fell on somewhat higher volume, an indication that sellers have emerged. Prices managed to find some support at EUR0.42. While 21-day RSI has bounced off the low end of its range, ADX is rising and the DI’s are negatively placed suggesting that the easier phase has yet to run its course. Prices need to hold at EUR0.42, as a break below this level indicates a downside of EUR0.36.

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