http://stockmarketnews.blogspot.com/2009/01/stock-price-pattern-citydev-head.html
I had mentioned that CitiDev has broken the neckline of the head and shoulder and the potential price target was S$5.12. The following chart shows closing price on Feb 27th 2009. The closing price was S$4.8. It has broken the support of $5.12. This is troublesome. It appears that this counter is forming a new down trend.
However, after more than 1 month of selling down, there is hope of a short re-bounce. Holders of CityDev will be hoping to sell into the re-bounce. That will put further pressure on this counter.
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