City Development (CityDev): Watch this $10.00 support

CityDev has formed a complicated head and shoulders with the neckline at about $10.00. This $10.00 support is also the 61.8% Fibonacci support and the psychological support. Breaking down this neckline will send City Development to about $6.70. Watch this $10.00 closely and it is quite attractive to short and the downside potential is huge! The 50D MA at about $10.50 is a tough resistance to break.

This Post Has 2 Comments

  1. Sam

    Hi Marubozu,

    I’ve always wanted to short some stocks, but how do you do it exactly? Do you simply short sell a stock without actually holding it in your CDP and wait for the Exchange to buy back for you after T+2/3?



  2. Marubozu

    Hi Sam,
    No. I use CFD to short the stock. The CFD broker will take care everything and we don’t need to worry when we need to cover the short position as long as we have enough margin in our CFD account. CFD broker will borrow the stock from CDP for us to short.


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