Update on Citydev 29 March 2008

Trading within descending broadening wedge pattern. Also trading between 25 and 50 day MA. Already hit the 50 day MA once. 2nd hit might be the breakout.

Gap noted 11.82 - 11.58. Might gap cover. As with most property counters, volume was not very high.

CityDev

City Dev has an interesting chart.

There's a descending broadening wedge but if that continues it looks like City Dev is in for a big drop. $10.27 Jan lows were taken out recently so not a double bottom.

However this might be a busted double top pattern?

$13.05 and $15.60 will be resistance levels to watch.

Will monitor.