ComfortDelgro - More downside to come?

I entered ComfortDelgro at 1.59 for 10,000 shares and exit at 1.78 and later saw it move above 1.85. Subsequently, I enter at 1.71 and exit at 1.82 for a small gain. It fell further and I went in again at 1.76 and and then 1.71 exit at 1.60. So, I gave back most of my gains. This is life!

Looking ahead, the short term chart of ComfortDelgro shows a clear down trend and the rebound is not yet convincing. With oil prices hovering at the high and the price trend of crude future remains very strong uptrend, there is not indication that this counter will be bottoming. At 1.47, the price looks quite attractive. My previous post commenting that the downside was limited became obsolete. I should have qualified the time frame. This is stock market. Time frame is very important.

Lesson learned.

The current rebound will be short lived with oil suddenly surge up last night. Let's wait to see if the oil price will come down and stabilize. Oil price will eventually come down but when? So, there is no point long on this counter now! Too much risk!