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CityDev – Foundation Laid for Gap Fill

Posted on the 03 February 2013 by Technicalanalysistalk

Evening traders.

I have a chart of City Developments for today. Following my last post on property counters in general, a few property stocks have started to cover the gaps made after comments by our Government on property rules for homebuyers. CityDev is still lagging in this regard. Two weeks back, C09.SI languished around the 200-day MA before finding buying momentum to surge up and close at $11.70 (as of Friday’s close). Right now, I consider CityDev as trading into the gap. Naturally, I will be looking for the gap to be filled. There is strong resistance overhead at $12.00 for obvious reasons including whole-number resistance and previous resistance level. However, once that is cleared, there is no stopping CityDev from making a full recovery and even testing $13.00.


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