Just about 2 weeks back, we saw CityDev approaching the key 10.00 resistance level…
It had been trading below this level for more than a year with it testing it for more than 2 times but failed to get above..
This time, it was nearing it again after some consolidation above 9.50 for a few weeks..
More importantly, there were already signs of the uptrend starting to take shape from indicators,
Hence, a potential move up was expected and some targets were drawn… it was then around 9.77.
Target was to 11.00 first,
See what I mean below.
Last week, true enough, the move came..
It was pretty fast with buyers just coming in to clear out all sellers at 10.00,
And it just started rising fast.. Uptrend was looking good on this move..
Targets were again reiterated towards 11.00 first and maybe even higher where a 2nd target is drawn..
Was quite a bullish move up after the consolidation below 10.00 for more than a year as mentioned…
Over the past few days, we have seen the temp 10.50 resistance gave way too and with CityDev pushing higher…
Likely to see some profit taking as it nears 11.00 for now,
But uptrend may not be above if it can hold above 10.50 higher support..
Indicators still pointing towards more upside for now..
Watching to see if target can be hit, but quite a good run seen..
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