Singpost out of inverted head and shoulders. ComfortDelGro

Hello all,

Markets have been very strong over the last couple of weeks. The buying pressure did surprise me quite abit, but as a short-term trader, I stayed on the sidelines after getting stopped out. Stubborn with my bearish view, I searched and managed to find some short set-ups that are working well; namely, the commodity plays did not get caught up in the buying pressure. Nevertheless, the STI surged up together with global indices, and now the STI is sitting pretty at around 3000. US indices ended Friday up more than 2%, which is making me question myself why the markets look so good. I will put up a post on indices in the days ahead.

This is Singpost, S08.SI. Singpost recently broke out of a good-looking inverted head and shoulders. The whole pattern took at least 10 months to form, giving us a good base and projection to work with. Taking the height of the pattern, we get a target of about $1.10.

Below, you will see the chart of ComfortDelGro. Some time back, I issued the buy signal triggered by a breakout of an inverted head and shoulders. In this case, the post-breakout performance was fantastic, and I am glad to say ComfortDelGro has hit the target price.

 

All analyses, recommendations, discussions and other information herein are published for general information. Readers should not rely solely on the information published on this blog and should seek independent financial advice prior to making any investment decision. The publisher accepts no liability for any loss whatsoever arising from any use of the information published herein.

 

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