Reminiscences Of A Trader

Sunday, September 17, 2006

City Developments

Still within a short term uptrend channel while mid and long term uptrend are still intact. In the short term, the stock is likely to face some resistance and profit-taking at $10.40 - $10.50 which is the upper trendline of the channel. In the event that this upper trendline is broken convincingly, I expect the stock to test $10.70 followed by 2006's high at $11.10. Position traders can use the lower trendline of the short term channel as a guide for their trailing stops. At the current level ($10.20), it is trading above its 61.8% fibo retracement.


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