Reminiscences Of A Trader

Tuesday, October 24, 2006

City Developments


City Dev is currently consolidating after failing to break $11.30 (which indeed turned out to be the short term top) two weeks ago. So far, the critical support level at $10.60 have been tested six times. Technical indicators are currently no longer overbought and unless the general market go into some major correction, I expect $10.60 to hold and another dip towards this level in the near term will be a good opportunity for those who are bullish in this stock to initiate another long position. Of course, in the event that $10.60 is broken decisively, the stock's price may head towards $9.90 which is also the 50% fibo retracement of $11.30/$8.40. As i've mentioned previously, if $11.30 is taken out, the stock's price will likely head towards $12.00.

1 Comments:

  • At 6:45 PM, Anonymous by-passer-A said…

    hi 'charmed'
    missed your previous call at 1010.
    noticed you prefer citydev as a trading buy. how do you see the residential ppty market for 1h of next year? do you see the ppty market picking up with sales, driven on by a possible i/r cut?

     

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