Support 1: 10.49                     Resistance 1: 10.77                         

ComfortDelGro (SGX: C52)  bullish trend is still healthy although there has been a bearish correction since July 2019. Based on the technicals, the continuation of the bullish trend will stage a strong upward move:  

1. The stock has been making a series of higher highs and higher lows. The uptrend line is still intact.
2. Last week hammer closing above the support of 2.37 and the rejection of 50 SMA. To add on, the bullish candle this week is the confirmation of the bullish hammer last week.
3. The bullish candle closing above 200 SMA ensured a renewed uptrend movement.
4. Double bottom formation.
5. Both the 50 and 200 SMA are slowly converging and it might result in a golden cross should the 50 SMA cross above the 200SMA.

*The above chart is based on a weekly timeframe.

CHART LEGENDS

Simple Moving Average

Red dotted line = 200 SMA

Blue dotted line = 50 SMA