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Saturday, May 30, 2009

CityDev Update

I sold dear CityDev on Fri @9.5, in view that it already hit its resistance and have been sold down to formed a long upper shadow, which looks uncomfortable to me. If i was not greedy I could sell even higher price at close to its resistance which is almost 40cents difference from the price I actually sold. well...lesson learnt: Do respect major resistance level.

Anyway, CityDev is a good example or i prefer call it template for many recent soaring counters: Classical Pennant Pattern breakout,typical short term trend continuation pattern. Now you should know why I bought it. Do take note of this patterns friend. History will repeat itself.

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