Technical Pulse: ComfortDelGro Corp Ltd September 12, 2019 492

Click on image to enlarge


Support 1: 2.37                       Resistance 1: 2.55                           


*This report is an updated report from 6th September 2019


ComfortDelGro (SGX: C52) bullish trend is still going strong based on the weekly and the 4hour time frame*. Based on the technicals, our confidence of a bullish pattern remains:  

  1. Inverted head and shoulder formation, a classic bullish reversal pattern.
  2. Price has broken out of the falling wedge formation and should the price break the neckline resistance at 2.55, the stock will effectively be making higher highs, which translate into a renewed uptrend.
  3. Key rejection at support both in May 31st and 25th
  4. On the right shoulder, the bullish hammer closing price close above the 50 SMA. Which signify a strong bullish uptick momentum.


*The above chart is based on 4hour time frame.



Simple Moving Average

Blue dotted line = 50 SMA

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