Technical Pulse: City Development Ltd January 28, 2022 874

 

City Development (SGX: C09) Technicals indicate a strong possibility of the price edging higher, but expect some minor correction to test the immediate support at 6.85-6.94 as:   

 

  1. The formation of the potential inverted head and shoulder is pointing towards a bullish upside.
  2. Consolidation can be seen at 7.05-7.13, indicating a possible break to the upside. However, Thursday’s shooting star may push City Development lower towards the immediate support zone.
  3. Ichimoku is showing a thin bullish signal after a kumo bullish twist was seen. To add on, the kijun-sen confluence with the immediate support zone at 6.85-6.94 shows strong support regions.  

 

 

*Expected timeline of the trade is 25 weeks from the date of report issuance.

 

CHART LEGEND

 

Ichimoku Kinko Hyo

Red dotted line = 26 periods Kijun-Sen

Blue dotted line = 9 Periods Tenkan-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line

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