City Developments ($10.83) - Correction phase sets in

Publish date: Mon, 05 May 2014, 02:30 PM
A temporary correction is underway. Quarterly momentum has just turned down, but 21- day RSI has turned down decisively after a minor negative divergence. Since this counter has superior relative strength compared with the sector and the market, and the uptrend of quarterly momentum remains intact, the corrective phase is likely to be mild. The immediate downside is likely to be at around $10.36, although major support appears at lower levels, at $9.90. Resistance has been established at $11.10.

Labels: CityDev

Discussions
Be the first to like this. Showing 0 of 1 comments

Post a Comment