Since the news of Singapore entered technical recession and private property prices fell, CityDev share price has fallen from around the $6.75 level to an intra-day low of $5.13 on 2nd Dec 08. Currently, the price is trading at a narrow range between $5.10 to $5.40 and appears to be forming a base or bottom at the $5.20 level. The Stochastic signals already started to form flattish below the 20% region. RSI also remained pretty flattish around the 30% level. With the DI pair still negatively spaced and ADX signal looks to be tappered off from the 40 level, this could signal short-term share price is doing range bound. For investors/traders who has confident that CityDev could be involved in the year end rally ( if there is one ), strategically could start to collect at the $5.20 level and wait for the potential target of $6.75 if year end rally materializes. Downside for the moment would be probably the $5.10 level.
