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Property STI

City Development (SIN:S09) : Bearish Cross

City √ā¬†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?