With the Singapore Budget 09 announcement on 22nd Jan 09, the property related measures should be benefiting CityDev the most as compared with its peer. Since then the share price of CityDev has shown sign of trying to rebound from a bottoming phase or oversold. Both the RSI and Stochastic signals are showing positive sign of a possible oversold rebound in near-term. MACD also showing sign of cutting up. The DI pair is very close to each other and any moment a price swing in the upside will allow the DI+ to cut up. However, the ADX signal is still lying below the 20 level and this could limit any potential upside as well as limiting the downside. Current price is supporting well at the $5.50 level and a strong rebound could possible head towards the $7.00 resistance level. A breakdown at the $5.50 level could see it fall to re-test around the $5.20 level.
