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