A potential Triple Tops chart pattern is observed on City Development Daily chart. Neckline is at about $10.77. Price target for this breakdown is about $10.12. Triple Tops is a Reversal Chart Pattern. Weekly candles are showing Bearish Engulfing pattern after rejected at 50% FR, 2W EMA is crossing down 5W EMA. Both daily and weekly charts are showing bearish signal. Looks like a potential stock to short next week!
Caution: XD on April 30, 2012.
Fortune REIT (HK$)
Summary: Undervalue, good distribution yield and strong balance sheet.
Dryship (DRYS) is currently in a consolidation mode forming a Bullish Pennant Pattern from the weekly chart.
As for daily chart, DRYS rebounded from the 61.8% FR support and maybe forming a “Higher High, Higher Low” up trend pattern. 50D MA has just crossed 200D MA which is also a bullish signal. Short term price target is $4.92 (161.8% FR) if DRYS manages to break $3.81 resistance.
As for the long term price target, you can take a look at the chart below and make your prediction! Historical High is close to $130! This chart is a typical example of how a Parabolic Curve looks like. Go up extremely fast and coming down as fast too! Do you think this stock worth the gamble for your retirement fund? If you believe history always repeat itself, you can do your calculation and looks at the upside potential. Good luck!
Disclaimer: This is my personal analysis and not a Buy or Sell recommendation to anyone. I held no responsibility for anyone profit or loss for any information shared here.
