Just last week, we spotted some pretty bearish actions in CityDev…
It was holding above the 9.00 psychological support all this while but this time buyers just could not hold it any longer…
Hence some downside was expected and targets drawn as see below…
Indeed we started to see more selling coming back and it pushed lower towards our target..
But some support seen at 8.50 for now where short covering is happening given the sell down..…
But would want to be cautious of more selling if this level were to give way… see updated chart below..
Actually did a video over the weekend where I talked about the Singapore stock market (STI) and mentioned 2 stocks that you want to be cautious of for more weakness…
Have you watched it yet??
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