Short-term stochastics is attempting an upturn from the bottom of its range. Quarterly themomentum should flatten this week (Sept 10-14). Momentum should start forming a positive divergence with price. Initial resistance appears at 3,191.
City Developments ($8.72): Bounce likely
Prices fell to a new one year low of $8.55 before reboudning to close at $8.72. Down momentum should start to abate. Short-term stochastics has turned up. ADX continues to rise and the DIs are negatively placed. But this is likely to lag.
See also: Rotational interest settles on an unexpected sector
The initial rebound should materialise in the week of Sept 10-14. Resistance appears initially at $8.94 first. The rebound could be tenuous initially, and prices may turn down to build a base after the rebound.
