I'm Brandon, a senior stockbroker at a local securities firm and also a professional trainer with Singapore Exchange (SGX) Academy. Holder of Chartered Market Technician (CMT) and Certified Financial Technician (CFTe) with over 10 years experience in the financial industry.
This blog aims to share how private traders can forecast price and trade in line with the market and smart money by applying Wyckoff principles and simple technical analysis techniques.
Wednesday, 4 September 2019
ComfortDelgro Trading towards Trendline
Price marked up this after Public Transport Council (PTC) announced that fares are expected to increase up to 7% for 2019.
On the charts, Price traded back to previous low of S$2.40 which proofs to be a support price for ComfortDelgro.
Currently, stock is outperforming STI as Relative Strength indicator is above zero which is a preferred candid for Long trades.
With momentum indicator MACD turning bullish, we are expecting price to retest its downward trend which is a a fibonacci 38.20% retracement level.
Stop loss for trade analysis is S$2.42
Public transport fares may increase by up to 7%: PTC - CNA