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.
- Post author:Marubozu
- Post published:August 10, 2011
- Post category:City Development
- Post comments:2 Comments
Tags: Head and Shoulders