Technical Pulse: ComfortDelGro Ltd November 14, 2017 1160


ComfortDelGro Ltd – Daily timeframe (Update from 19 April 2017)

14 NOV

*Entry Price: 2.13                                Stop loss : 1.950                                   Take profit : 2.37

*ComfortDelGro Ltd will be added to the Phillip 20 Portfolio once the trade is triggered

Current Sentiment: Bullish

Support 1: 2.000                   Resistance 1: 2.21

Support 2: 1.955                   Resistance 2: 2.37

Price started falling sharply after testing the 2.78 resistance area as mentioned in the previous update. Moreover, the bearish momentum accelerated after price broke below the 2.390 double bottom area since June 2017.

However, after five months of bearish price action, price seemed to have found a near-term bottom near the 2.00 psychological round number. Price first tested the 2.00 round number on 19/09/17. Since then, it has been ranging between the 1.965 range low and 2.09 range high. The current Bullish Engulfing Bar rejection off the 2.00 psychological round number on 13/11/17 signals a reversal to the upside. In addition, the bullish bar also broke price above the 20 and 60 day moving average simultaneously with increasing volume suggests a growing bullish momentum.

Expect price to make a rebound higher next as the 2.00 psychological support area keeps a floor on price. For this upleg, buyers should be targeting the 2.21 resistance area next followed by 2.37.

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

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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.

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