Chart[3] - City Development

Earlier this week, the company announced that it would monetize some office assets to unlock value. The news saw a spike in the share price of the counter with volume, and though the new is positive, it has not exactly "broken free"of the downtrend as yet.

For the week ahead, short term moving average (MA) are about to attempt a crossover from below suggesting that there is support in the range of $7.3 to $7.38 should it experience a correction. Immediate resistance to overcome is the upper limit of the Bollinger Band at $7.66 and the 50 day MA at about $7.72. Clearing those resistance levels, in what would be a short and light trading week, would suggest that it could attempt a movement to about $7.93, with $8.06 the next significant price objective though it is unlikely to happen in the week ahead.