Maybank Kim Eng analyst Kareen Chan and chartist Nik Ihsan Raja Abdullah believe that a new upcycle in ComfortDelGro Corp’s (CDG) share price lies ahead.

The bullish outlook comes after CDG broke out of its consolidation at $1.72, with the analysts opining that the consolidation is likely at the tail end with the stock forming a new base right above 13, 33 and 88-day simple moving average (SMA) lines.

“This indicates that the overall signal has shifted from neutral to bullish and a new upcycle is about to unfold to the next resistance at $1.81, then $1.99,” the analysts say in an April 5 research note.

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