ComfortDelGro (Taxi Corporation):
21 February 2018, Wednesday, 6.17am Singapore Time
(Click on Technical Chart above to Expand)
Attached above is the technicals of ComfortDelGro, a taxi corporation that is listed in Singapore SGX. The brown volume flow shows where impulsive selling volume started taking over in the market for this company.
The entire series of RED rectangular boxes show where high volume selling took place and these price actions never saw their ground being recovered by the amber boxed volume flows. The 2nd amber boxed volumes are high volume rebounds which could not save prices. This is a humongous red flag in the realm of volume analysis. Worse, this high volume merely aided the price actions to be capped within a bearish rounding formation which sees gradients of selling getting more and more desperate, and more and more impulsive.
Based on price actions and volume flow in the technicals, it appears ComfortDelGro may soon transit to an accelerated phase of strong plunge soon. Often such a phase will be characterized by longs trampling longs in a bid to exit at all costs.
Based also on overall technical price structure and overall volume flow, and based on past histories of charts with the above bearish characteristics, most of the time charts displaying such characteristics will result in an accelerated plunge of yet another at least more than -50% loss in share prices. The current pink bear flag as highlighted on the technical chart is another mini price structure that is part of the entire large bearish rounding price structure in blue. It appears a jump off the cliff may be inevitable soon based on Chart T.A Technicals.
The Donovan Norfolk Technical Analysis Rating:
Very Bearish on ComfortDelGro
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