ComfortDelGro Ltd – Daily timeframe
Current Sentiment: Bullish
Support 1: 2.55 Resistance 1: 2.74
Support 2: 2.47 Resistance 2: 2.78
A double bottom formation seems be completed here after price rebounded sharply off the 2.39 support area since 07/02/17. The subsequent bullish follow through resulted in the 20 day moving average crossing above the 60 day moving average on 17/03/17 further confirms the bullish narrative where price has just turned into an uptrend.
There was some slight correction in price lately since 07/04/17 where it gradually rebounded off the 20 day moving average, keeping the uptrend configuration intact. Moreover, the bullish rejection off the 20 day moving average succeeded in breaking price above the pullback line with increasing volume on 18/04/17 signals the resumption of the uptrend.
Expect price to head higher next to test the 2.74 resistance area next followed by 2.78.
Note: Our current fundamental view on ComfortDelGro is an Accumulate rating with a fair value of $2.94.
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