The Property index had a sharp run-up, rising from a low of 711 on March 5th to a high of 1098 on May 7th. The Property index has defied many predictions of its imminent correction despite bearish signals exhibited by declining volume as well as negative MACD crossunder (whether using the MACDs calculated using weighted average or exponential average). Finally, the Property index broke its uptrend line 4 days ago as well as going under its 10-day SMA 2 days ago. With these latest signals, I believe the Property sector is finally entering into the consolidation phase (see the daily chart, Chart 1 below).
From the weekly chart (Chart 2), we can see the Bollinger Band has also begun to constrict, another sign of consolidation ahead.
Chart 1: Property Index's daily chart as at May 14 (courtesy of Quickcharts)
Chart 2: Property Index's weekly chart as at May 14 (courtesy of Quickcharts)Based on the above, you should be taking profit for some of your investment in the Property sector as well as to avoid entering into large position in that sector, for now.
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