Technical Pulse: ComfortDelGro Ltd July 2, 2018 983

Technical Buy

ComfortDelGro Ltd – Daily timeframe (Update from 9 May 2018)

*Entry Price: 2.38   Stop loss: 2.09  Take profit: 2.63

*ComfortDelGro has already been added to the “Phillip 20 Portfolio“ since 9 May 2018

Current Sentiment: Bullish

Support 1: 2.19                     Resistance 1: 2.50

Support 2: 2.10                     Resistance 2: 2.63

The uptrend resumed as expected after the last update as price rose to a new 52-week high of 2.51 in early June. However, the 2.50 psychological round number halted the bullish momentum and kickstarted the current correction.

Price fell as much as –12% for this correction, but there seemed to be a resurgence of buyers.       After testing the confluence of support at 2.19 support area, 200 day moving average and 50% Fibonacci Retracement level in late June, price found a base. There was a strong Bullish Engulfing Bar rejection off the 2.19 support area on 26/08/18. The subsequent bullish follow-through also succeeded in breaking and closing above the 20 day moving average and downtrend line on 29/08/18 with increasing suggests further sign of strength.

Expect the uptrend to resume next for price to test the 2.50 resistance area followed by 2.63.


Note: Our current fundamental view on ComfortDelGro is an Accumulate rating with a fair value of $2.69.

Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!

Featuring regular TA posts and requests to analyse specific stocks
Click to join!
Notify of
Inline Feedbacks
View all comments

About the author

Profile photo of Jeremy Ng

Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd

Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.

He is also a regular columnist on The Business Times - every Monday ChartPoint column.

He graduated with a Bachelor of Science in Banking and Finance from University of London.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!