Chart Source: Poemsview 24th May 2020
City Dev part of the STI component and a leading global real estate property developer. It saw some heavy selling last friday due to the unrest in Hong kong.
Now is City Dev in bearish terrority? From the technical charts we can see that it is below the 200ema. A stock that is below this long term indicator is considered bearish from a chartist point of view. With that and also breaking the short term uptrend line we drew we ALERTED our CFD Clients on a potential short.
CFD Clients were alerted on 13 May when City Dev broke the uptrend line and also below its 20ema. City dev continue to slide down to our first target of $7.56 and is now just 2 cents to our second target of $7.36. City dev was trading at $7.37 at close.
The volume traded last friday was rather high and this might signal more downside if it breaks the horizontal support of 7.34. The next downside target might be 7.03!
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