Dear readers, as expected, City Development Limited (CDL) stock was of interest and focus this morning as the stock resumed trading after a trading halt on 25 Feb 25, amidst the ongoing saga between the Executive Chairman and Group CEO of CDL.
Prior to the Singapore stocks markets opening today, I expected a sell-off and followed by a rebound of CDL’s stock price.
True enough, CDL stock was sold off by more than 6% to reach a low of $4.76 before rebounding back at end of the trading day to $5. For the day, CDL stock was down by 2.34%.
I placed a Buy order for CDL stock to try to buy the stock at discount today. My Buy order at $4.79 was not filled as the stock subsequently rallied higher.
I was not inclined to buy CDL stock higher and I viewed my $4.79 buy order, which is below $4.80 a good entry for the first small tranche of entry into the stock (I was planning more tranches at lower prices). Given the ongoing development, there will still be volatilities surrounding CDL stock and I am not surprise if the stock is to fluctuate around in the next coming days or weeks. And I put a support for CDL at $4.80.
Nevertheless, if CDL stock is to rally ahead, it will be good news for CDL stock and shareholders and I will just move on to the next stock for profitable trading and investment.