ComfortDelgro Trading towards Trendline


ComfortDel (C52)
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
https://bit.ly/2lAqgpm


Disclaimer Applies

Popular posts from this blog

Wyckoff's Law of Effort

Image
Law of Effort Wyckoff's Law of Effort states that on any single trading day (or week depending on time frame), huge volume (effort) push by participants should see huge price movement, resulting in a wide spread (long body). This is a basic principle of effort and result. However, as per Singtel's case study, we saw huge selling volume on 11 May, yet the price action only shows a narrow spread (small body). This divergence of effort and result in Wyckoff's Law of Effort principles, indicates possible exhaustion in selling or hidden buying. Thus, with a lack of weakness, Singtel should continue trading range bound for the coming days or weeks till further strength or weakness is observed. Swing Traders who trades range can consider positions at 3.70-3.72, with exit target 3.76-3.78.
Read more

Bullish Case for Bitcoin

Image
BTC Exhibiting Signs of Accumulation 1 year after BTC price plunged from its US$20,000 high to a recent low of US$3,215.20, now we are seeing technical evidence of  accumulation by the smart money is in progress . Above is an illustration of Accumulation Zone of the Wyckoff Price Cycle. We are watching very closely for price to cross the creek (est. US$4200 level).  A break above the level, we deem that price has proceeded into the Mark Up Phase with 1st objective at US$5,800. If creek is not crossed, a break below US$3,190 will falsify our Accumulation zone analysis. Join us in our FREE Introduction to Richard Wyckoff Seminar to learn more about the method and how the method add value to your market timing analysis.
Read more