Comfort Delgro is still trap in a consolidation mode as reflected on the chart . It is still on a Long term downtrend. Current price of $1.99 is hovering neat the recent low of $1.97 .Breaking down of this level would be rather bearish! I think it may go further down to retest $1.90 then $1.87 with extension to $1.80.
Not a call to buy or sell.
Dyodd.
ComfortDelgro - 16th Sept 2017
ComfortDelgro has been on a downtrend mode after touching the high of 2.76 on 26th April 2017 and continue to go down to hit 2.09 on 14th Sept 2017.This is rather bearish.
I think The recent spade of selling off could be due to lower qtr to qtr revenue dropped for the taxi rental revenue that is what has been reflected on the weakness of the price.
The intense competition for the new comer such as Uber & Grab are posting a great challenge for the taxi industry..
From TA point of view it is on a bearish downtrend mode as reflected on the chart.
The current price has fallen below the SMA lines as well as the lower Trend line support level.
Looks like it is currently trying to defend the psychological support level at 2.10.
Once that has been broken down, i think it may continue to slide down further towards 2.00 then 1.90 with extension to 1.70.
Not a call to sell or buy.
dyodd.
( trade base on your own decision)
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