Delfi Limited (SGX: P34) — 1D (Daily)
Last traded price: 0.900
Analysis period shown: roughly Mar 2025 to 13 Mar 2026
Market regime: transitioning from markup to corrective distribution / pullback phase
Executive read
This chart no longer looks like a clean bullish continuation structure. It looks like a strong prior uptrend that accelerated into a near-climactic advance, then lost auction quality and is now undergoing a sharper corrective phase. The recent drop from the 1.07 area back to 0.90, accompanied by elevated volume, suggests supply has become active above parity and late buyers are being trapped.
My current bias is:
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Near-term: cautious to bearish below 0.93–0.96
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Intermediate structure: still salvageable above 0.86–0.88
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Higher-probability path: either
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a deeper retracement into demand before a new leg up, or
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a failed bounce / dead-cat recovery into overhead supply, followed by more downside rotation
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3–5 highest-conviction observations
1) The stock shifted from orderly markup to unstable, emotional price discovery
From late January into late February, price transitioned from the 0.80–0.86 base into a displacement rally up through 0.92, then to 0.96, 1.00, and finally 1.07. That move was steep, fast, and increasingly vertical.
That kind of structure often marks the late stage of a markup leg, especially when:
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candles expand rapidly,
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price outruns prior consolidation,
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volume rises sharply,
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and retracements become less orderly.
The move into 1.07 likely triggered breakout participation from retail traders chasing strength above the obvious 1.00 psychological level.
2) The 1.07 spike has characteristics of a liquidity grab / buying climax
The bar that pushed into the 1.07 high appears to be followed by immediate rejection and instability. That matters.
Institutional reading:
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obvious breakout traders buy above recent highs,
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shorts get squeezed,
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stops are harvested,
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then price fails to hold the expanded range.
That is classic upthrust-like behavior or at least a climactic exhaustion probe. It does not guarantee a long-term top, but it strongly suggests the market needed to clear liquidity before rotating lower.
3) The decline back to 0.90 is not a healthy shallow pullback
A strong trend normally corrects in a controlled way:
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smaller candles,
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lower sell volume,
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support respected quickly,
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and rebounds occur before prior breakout zones are fully lost.
That is not what the recent sequence shows. Instead:
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price fell from the 1.00+ area back through 0.96 and 0.93,
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selling pressure expanded,
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and the last close is at 0.90, which is materially below the emotional breakout zone.
That implies momentum decay and likely distribution above 0.96–1.00.
4) 0.90 is a decision level, but not yet proven support
0.90 is important because:
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it was a prior swing high zone in mid-2025,
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it sits just above the 0.875–0.86 area,
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and it is psychologically close to a major round level.
But the latest candle is a wide red bar closing near the low, which is weak behavior. A level is only support when demand proves itself. Right now, 0.90 is being tested, not confirmed.
5) The larger trend is damaged only if 0.86 fails decisively
Even though near-term structure is weak, the broader chart is not destroyed yet. The stock had a long base between roughly 0.78 and 0.86, then broke higher. That means the most important structural demand is likely lower, around:
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0.875
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0.860
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then 0.840–0.830
If price stabilizes there with shrinking downside spread and improving response, the broader bullish thesis can still survive.
Market structure and order flow
1) Swing structure
Early phase: accumulation / range building
From March to June 2025, price mostly oscillated between roughly 0.65 and 0.77, with repeated tests and recoveries. This looks like a base-building process.
Key features:
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multiple failed downside expansions,
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recurring reclaim behavior,
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gradual improvement in lows.
Mid phase: first structural breakout
Around July 2025, price impulsed from the mid-0.70s into 0.91, creating a clear BOS upward. That was the first sign that the market had transitioned from range to markup.
Middle consolidation
From August to December 2025, the stock ranged roughly between 0.78 and 0.86, with:
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overlapping candles,
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repeated acceptance around 0.80–0.83,
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occasional pushes to 0.86–0.875.
This looks like re-accumulation, not distribution, because the downside failed to expand meaningfully and later price broke upward.
Late phase: breakout and blow-off
In early 2026, price broke above the 0.86 ceiling, then accelerated into 0.92 / 0.96 / 1.00 / 1.07. That was a high-energy markup leg.
Current phase: CHoCH / trend deterioration
The inability to sustain above parity, followed by a hard drop to 0.90, is a lower-timeframe CHoCH and a warning of a deeper pullback. The market has shifted from:
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higher highs + strong acceptance
to -
rejection of highs + aggressive retracement.
2) BOS and CHoCH levels
Key structural areas:
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Bullish BOS: above 0.86 / 0.875, then above 0.92
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Climactic high: 1.07
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Near-term CHoCH: loss of 0.96 and then inability to hold 0.93
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Important support test now: 0.90
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Major support below: 0.875, 0.860, 0.840–0.830
Volume-price relationship
Positive volume behaviors earlier
During the earlier breakout phases:
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expansion bars were generally supported by rising volume,
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pullbacks were less aggressive,
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and the market showed decent follow-through.
That is consistent with professional sponsorship.
Negative volume behaviors recently
The most important recent signal is the volume expansion into the decline from the peak area.
Interpretation:
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High volume + adverse price movement after a strong run often means distribution or trapped longs exiting.
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If a bounce occurs on weak volume after this selloff, that would confirm supply dominance.
Effort vs result
The late-stage rally into 1.00+ required large effort. Yet price could not sustain the gains and quickly surrendered ground. That is poor effort/result efficiency and often appears near exhaustion zones.
Institutional footprint recognition
1) Liquidity grab above obvious highs
The push into 1.07 looks like a stop raid above visible resistance and round-number breakout territory.
This is where:
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breakout traders enter,
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shorts cover,
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institutions can distribute into urgency.
2) Possible order block / supply zone
The most obvious supply band now sits around:
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0.96 to 1.00, and more broadly
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0.98 to 1.03
That region likely contains trapped buyers from the late breakout attempt. On any rebound, expect overhead selling there unless price reclaims it with strong spread and volume.
3) Fair value gap / inefficient move
The surge from the high-0.80s into the 0.92–0.96 zone happened quickly enough that the market likely left an inefficient area behind. Such zones are often retested later. The current decline may be that rebalancing process.
Bar-by-bar pattern read
Recent bars
The last cluster near the right edge shows:
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unstable upper wicks near the top,
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sharp directional expansion down,
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and a latest close around 0.90, near session lows.
That is not dip-buying strength; it is defensive, pressured trading.
Reversal / transition characteristics
The top region behaves like:
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climactic breakout
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followed by failure to hold
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then outside volatility / directional selloff
This is a classic transition from bullish euphoria to a more two-way or corrective environment.
Continuation quality
A true bullish continuation would have shown:
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tight flags,
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shallow pullbacks,
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quick reclaims of 0.96–1.00.
Instead, this pullback is deeper and more emotional, which lowers continuation odds in the immediate term.
Wyckoff-style interpretation
A reasonable Wyckoff lens would be:
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Phase A/B: broad accumulation during Mar–Jun
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Phase C/D: re-accumulation and improved structure in Jul–Dec
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Markup: Jan–Feb 2026 breakout
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Possible buying climax / upthrust: around 1.07
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Automatic reaction: current drop toward 0.90 and possibly lower
What matters next is whether the market forms:
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a secondary test with lower volume near support, which would be constructive,
or -
continued spread expansion downward, which would imply deeper markdown.
Key levels to watch
Immediate levels
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0.900: current pivot, psychological and structural test
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0.930: first rebound barrier; reclaiming this helps but does not fix the chart
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0.960: major near-term resistance
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1.000: psychological supply zone
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1.070: climactic high
Support stack below
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0.875: first meaningful structural support
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0.860: major prior breakout area
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0.840–0.830: deeper demand / prior range support
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0.810–0.800: if deeper correction unfolds
High-probability setup mapping
Setup 1 — Bounce-into-supply short bias / avoid chasing longs
This is the cleaner read right now.
Thesis:
After a climactic rally and sharp rejection, price often bounces mechanically before meeting trapped-supply sellers.
Best zone:
Rebound into 0.93–0.96
What confirms weakness:
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smaller green candles,
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declining bounce volume,
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upper wicks,
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failure to close above 0.96.
Invalidation:
A strong reclaim above 0.96, especially if followed by acceptance above 1.00.
Targets on weakness:
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0.90
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0.875
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0.86
This is not advice to short illiquid names blindly; it is the highest-probability directional map from the chart.
Setup 2 — Reactive long only if support proves itself
For longs, patience matters.
Best zone:
Either:
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hold and reclaim from 0.875–0.90, or
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deeper test at 0.86 with clear absorption
What you want to see:
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wide downside bar into support,
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then inability to push lower,
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reduced sell volume on retest,
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strong close back above 0.90 or 0.93.
Invalidation:
Decisive breakdown and acceptance below 0.86.
Upside targets if reversal works:
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0.93
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0.96
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1.00
This would offer better structure because stop placement can sit below a real swing low rather than guessing in open air.
Risk management framework
For chart-based execution:
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Do not treat 0.90 as confirmed support just because it is a round number.
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Stops should sit beyond structure, not at arbitrary percentages.
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Longs taken before proof of absorption have weak edge.
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Best R:R will come from:
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buying after a successful support test around 0.86–0.90, or
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selling/avoiding strength into 0.93–0.96 if rebound quality is poor.
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Forward-looking bias
Primary bias: near-term corrective / bearish below 0.93–0.96
Secondary bias: broader uptrend can recover only if 0.86–0.875 holds and demand reappears
Bullish invalidation of the bearish read: strong reclaim of 0.96, then acceptance above 1.00
Bearish continuation trigger: loss of 0.90, then failure to recover it quickly
Bottom line
Delfi’s chart shows a previously strong markup that likely climaxed into a liquidity event near 1.07. The current drop to 0.90 is not yet a clean buy-the-dip setup. It is a stress test of whether this is merely a pullback or the start of a larger markdown phase.
The most important thing now is not the last price, but the quality of the reaction around 0.90 / 0.875 / 0.86.
That reaction will tell you whether smart money is absorbing supply or stepping away.
Disclaimer:Please note that this analysis is for educational purposes only and should not be taken as investment advice. Trading involves significant risk, and you should consult with a financial advisor before making any decisions.
Dividend: 3.11%
