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Price is facing bearish pressure from our first resistance in line with our graphical overlap resistance, 100% fibonacci extension and 61.8% fibonacci retracement where we could see a further drop below this level.
Price is facing bullish pressure from our first support in line with our horizontal pullback support, 78.6% fibonacci retracement where we could see a bounce above this level to our first resistance target. Our 20 EMA is showing signs of bullish pressure as well, in line with our bullish bias.
CityDev is still trading below the resistance line! Our MA20 vs MA50 still shows that price is on a downward movement. Any idea when this drop could end ?
Price is approaching our support where we could see a bounce above this level. As long as prices hold above this level, I maintain a bullish bias. Love to hear your thoughts on it!
From technical point of view, should see price consolidation between $6.80 - $7.10.
Look to trade within the range.
Long on valuation perspective
1) Sell off due to Director resign on disagreement over Sincere Property Group & Millennium & Copthorne Hotels
2) Concern not new, review from External Financial Advisor might help to ease concern
3) Based on 1H20,...
Price is testing a key support where we could see a pullback to test our resistance level, as long as prices hold below the descending trend line, overall direction remains bearish for me, a break below this key support area could see a further drop to our next support level.
Price is testing a key support area, a break below the downside could open room for a further drop. Alternatively, we could be seeing a push up to test our descending trend line and resistance before a reversal.
![C09: City Dev [1-3 weeks view]](https://s3.tradingview.com/a/aguG791b_mid.png "City Dev [1-3 weeks view]")
