Bullish Outlook for ComfortDelGro
- Based on the daily timeframe, we can see that price has been on the uptrend for the month of November but has been in a consolidation since December. As shown from the chart, price has been trading within the range of the symmetrical triangle formation and has just broken to the upside.
- Currently, it is on a minor retracement down to the support of the previous breakout trend line.
- Should the price rejects that previous support level of the symmetrical triangle trend line, price will be on a continuation towards the next potential selling level of 1.81 (Red arrow).
- ComfortDelGro has a bias towards the upside as there has been a bullish momentum. It has been on an uptrend with increasing volume towards the upside and a declining volume for the downside retracement. This shows an exhaustion for the sellers.
- However, if price breaks out towards the downside, we can then expect price to further decline to the next potential support level of 1.54.
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