ComfortDelGro Corp (SGX: C52) downside is set to move lower based on the technical indicated.
- The formation of a bearish flag shown is indicative of a sub-movement of the bearish sell-off. Besides that, the candle on Tuesday shows a strong rejection of the resistance zone with a bearish candle followed through on Wednesday.
- Ichimoku indicate the “3 bearish death cross” after the Tenkan-Sen and Kijun-Sen death cross followed by a break below Chikou-Span and the bearish kumo sloping downwards. Additionally, should prices break the flag, it will also means that the stock is trading below the kumo, bringing the bearish trend further.
- Target support zone is the extension level of $1.81-$1.62 and $1.62-$1.56.
Ichimoku Kinko Hyo
Red dotted line = 9 Periods Tenkan-Sen
Blue dotted line = 26 periods Kijun-Sen
Green Line B= 52 periods Senkou Span B
Pink Line A = 26 periods Senkou Span A
Black line = 26 periods Chikou Span. Lagging line
