2008-01-27 Weekly Chart ($12.88)
CityDev Technical Analysis:
Comments:
Weekly Chart - CityDev has entered a bear trend as lower High's & lower Low's were formed over last six months. The bearish H&S Top Reversal is observed, which caused share price to hit below $11 (an important breakout level in 2006). The bearish Double-Top is also observed (with neckline along $12.40) but share price quickly recovered and pull back above long term uptrend as shown
Conclude: the volatile market which was not seen for quite some time has caught many investors by surprise and I think I wouldn't guess where the rebound would end - $13? or $14? But I'm not in doubt (as of now) that we're going to see a re-test of $12.40 and I guess it won't take long
