Trade of the Day - Berkshire Hathaway Inc Class B (NYSE: BRK.B)

11 Apr 2024

Trade of the Day

Berkshire Hathaway Inc Class B (NYSE: BRK.B)

(Current Price: US$409.11) – TECHNICAL SELL

Sell price: US$409.11    Stop loss: US$420.00 (-2.66%)    

Take profit 1: US$386.00 (+5.65%)    Take profit 2: US$373.00 (+8.83%)     

(1) & (2): Berkshire Hathaway Inc Class B broke down a bearish flag it was trading in. This was confluent with the price breaking below the US$414 support level it held since end-February 2024, providing a bearish signal.

(3): The Moving Average Convergence Divergence (MACD) & Relative Strength Index (RSI) technical indicators support the bearish view with decreasing momentum and lower highs formed.

We expect the price to pull back towards Take profit level 1 at US$386.00 to retest a previous range consolidation resistance level at end-January 2024.

The price could then extend its bearish momentum towards Take profit level 2 at US$373.00 to retest a previous swing high resistance formed in September 2023.

Expected timeline of the trade is 2-12 weeks from the date of report issuance.

This counter is available for CFD trading and is available on POEMS US Asian Hours, Singapore’s first platform to provide trading of US Equities during Asian Market opening hours (from 9am SGT). For more information, please click here, or scan below:

 

About the author

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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