CORRESPONDENCE COURSES
ComfortDelgro: Upside reversal still continuing? Price 2.62. Awaiting more bullish actions.
Author: Trading Impossible | Joey Choy
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After the heavy selling we have seen in May for Comfort Delgro where it had retraced from a high of 2.70..
Finally, just 3 weeks back,
We started to see some stability and a potential reversal was in sight,
It had approached the 2.40 support after the sell down and we were looking for some bullish reversal actions..
Finally it did happened and was a good confirmation signal for an upside reversal..
Some targets were drawn back up as a result, see what I mean..
We have indeed see the move up over the past 2 weeks and last week had broke above 2.50 resistance too.
Upside target was reiterated to 2.70 again, see below.
It has crossed back above the 20 day MA which can be a positive short term for this counter plus…
the bullish reversal actions spotted earlier on as mentioned, was a good reversal play..
After some consolidation with 2.60 target hit over the past few days, we have see a breached again…
2.70 looks to be on the way where we may see some profit taking near there..
Would be looking for more bullish actions to see if this reversal has more legs to go..
Quite a good reversal caught, see where we are below now..
