ComfortDelgro – OCBC

Attempting a breakout

– ComfortDelgro is attempting to stage a breakout of its descending trend channel, after approximately 5-weeks of sideways trading.

– However the breakout we observed lacked strong volume, thus we could witness a brief pull back in an attempt to test the support of the shortterm uptrend line before ComfortDelgro reattempts a rebound.

– We observed the RSI has hovered below the mid-range for sometime hence a sustained move above the mid-range would signal a return of confidence and could very likely push Comfort towards its resistance level at S$2.14.

– We also observed that the RSI has broken above its downtrend line hence any pull back in the near-term would be mild.

– Support set at S$1.80.

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