City Development Stock Code C09.SGX
Outlook
From the low of $8.63, price moved higher along the edge of the cloud. It reached a high of $9.14. Price was unable to close the gap to $9.17 and has since declined low. The high reached was just above the Fibonacci 50% correction point. This could indicate an end of the corrective rally and a possible price decline to follow. Price was capped by Base line as well. Yesterday, we saw a Spinning Top candlestick pattern, which is a bearish reversal pattern, hinting of a price decline. MACD had a bearish crossover with its signal line. The crossover occurs below the zero line as well.
Strategy
$8.90 Short Sell
$8.53 Price Target
$9.17 Risk Management Stop
3 weeks Trade Duration
AEM Stock Code AWX.NAS
Outlook
Price started its rally from late Dec 2018 and reached a high of $1.29 on 12th Mar. Currently price is in a corrective pullback from the high. MACD is still bullish and looks strong. The helps to confirm the recent price decline as a correction. Using Fibonacci retracement, the 38% point comes in at $1.10. Price is above the cloud and above the Base line as well. Base line could provide another support point at 1.14. We view this corrective decline as a good location to get into the long term uptrend.
Strategy
$1.09 Buy
$1.29 Price Target
$0.96 Risk Management Stop
2 weeks Trade Duration
