City Development: Rebound!

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City Development rebound with a Bullish Engulfing (and Three Outside Up) candlestick pattern at the uptrend channel support at about $10.70. This $10.70 is a reliable resistance turned support level. The next significant level is support turned resistance at about $11.38. Current City Development chart represents a good opportunity for a short term bullish trade. This is also a good example that “Chart Pattern + Support / Resistance + Candlestick” is a much better trading strategy compare to the technical indicators like moving averages, MACD, Parabolic SAR, Bollinger Band, etc. These technical indicators still have not shown any bullish signals yet because they are lagging indicators.


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City Development: Time to Short?

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Base on current daily & weekly chart, City Development is showing bearish signal on 2/5 EMA. A Double Tops pattern is formed on Daily chart and currently CityDev is just sitting on the neckline of about $11.45 (currently forming a Bear Flag). Breaking down from this neckline will send CityDev to the target price of about $11.00 which is also the 61.8% Fibonacci Retracement Level & 50D SMA. On Weekly chart, a Evening Doji Star candlestick pattern was formed which is also the trend reversal pattern. Current chart pattern presents a good opportunity to short CityDev.








Key Statistics for CIT

Current P/E Ratio (ttm) 18.1201
Estimated P/E (12/2012 ) 17.3788
Earnings Per Share (SGD) (ttm) 0.6330
Est. EPS (SGD) (12/2012) 0.6600
Est. PEG Ratio
Market Cap (M SGD) 10,429.69
Shares Outstanding (M) 909.30
Enterprise Value (M SGD) (ttm) 14,145.29
Enterprise Value/EBITDA (ttm) 15.12
Price/Book (mrq) 1.4968
Price/Sale (ttm) 3.2986
Dividend Indicated Gross Yield 0.6975
Next Earnings Announcement 11/09/2012
Continue ReadingCity Development: Time to Short?