City Developments Limited: Key support level

Published On: 8 January 2024, 9:20 AM | Alex Lee, Assistant Manager, Dealer

Key Entry Price Pivot(s):
  • $6.00
Recommended Trade:
  • Long at $6.30
  • Stop Loss at $5.96
  • Take Profit 1: $7.50
Alternative Case:
  • Short at $5.95
  • Stop Loss at $6.76
  • Take Profit at $4.77
  • Looking at the weekly chart of CityDev, we can see that price has bounced from a key support level.
  • Currently, price is rejecting the support level with strong volume thereby presenting an opportunity for going long.
  • We may see price extending towards the next resistance level.
  • An alternative case is presented in the event of a breakout towards the short side.