Reminiscences Of A Trader

Saturday, October 07, 2006

City Developments

The stock's price may have already hit a short term top at $11.30. Bearish divergence can be seen from the RSI and the MACD is turning down although that does not mean that the stock's price will go down immediately. Support levels will be at $10.90 followed by $10.60. If $10.60 fails to hold, expect it to consolidate at around $10.30.

On the other hand, if it manage to break $11.30 convincingly in the near term, it may eventually heads towards $12.00.


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