City Developments ($7.98) has been consolidating within a narrow range, and this may continue for the last week of this year. ADX is flat at 28, and the DIs are neutral. Support has been established at the the confluence of the 100- and 200-day moving averages at $7.69. During the past four weeks, the $8.05 level has provided resistance, and this level has been tested thrice. Quarterly momentum is attempting to break above a resistance and its equilibrium line. Volume remains low. However, a build up in volume would point to a successful break above $8.05 in which event, an upside of $9.76 is indicated. This would be below its last announced book net asset value of $11.66, but above the NAV of $9.65 which excludes the amount needed to recapitalise Sincere Group.

city developments - THE EDGE SINGAPORE

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