City Â Development (CDL) has a gap down today from $13 and closing at $12.58; remaining on the low side for the day.
The volume is fairly high and a bearish Tekan sen – Kijun sen cross is confirmed.
Support is currently at $12.29 from the Chikou Span which coincides with the the kumo support.
A drop below this level will see the shorts trying to push it down to the range at $11
Is the drop for CDL the first sign of the increasing supply at the property front?
Here’s the updated chart.
1. We can see that there is some ‘light’ buying over the last few days. Volume is not as high as those in Aug – Oct 2009.
2. The price inch upwards but was not breaking 0.43
3. We can see that the price has consolidated at this region since last October and the kumo support is getting thin (weak).
4. The ‘red line’ represents the Tenkan sen; it seems to be moving up again. Maybe there is something brewing here
The Daily Ichimoku Chart is showing a bearish outlook for CityDev.
1. We have a Bearish Tenkan sen – Kijun sen cross back in September 25.
2. Price is trading inside the kumo, however, the leading kumo has twisted and may trend down soon.
2. Possible trading range between 9.71 and 10.37