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City Group Faces Resistance at SMA, Bearish Trend Forecasted

by Daisy

City Group’s stock price showed slight gains intraday, buoyed by favorable RSI signals and encountering resistance at the 50-day Simple Moving Average (SMA). This comes amidst a prevailing downward correctional wave in the short term, exacerbated by a recent breach of the upward medium-term trend line, with the RSI signaling overbought conditions.

Given these factors, analysts anticipate a downward movement with a target towards the crucial support level of $56.75, contingent upon the resistance at $63.90 holding firm.

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Trend Outlook: Bearish

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