Trade of the Day - Genting Singapore Ltd (SGX: G13)
1 Apr 2024Trade of the Day
Genting Singapore Ltd (SGX: G13)
(Current Price: S$0.905) – TECHNICAL BUY
Buy price: S$0.905 Stop loss: S$0.880 (-2.76%)
Take profit 1: S$0.960 (+6.08%) Take profit 2: S$0.990 (+9.39%)
(1) & (2): Genting Singapore Ltd broke out of a descending wedge, following a false breakdown earlier at the S$0.880 level, which provides a bullish signal.
(3): The Moving Average Convergence Divergence (MACD) & Relative Strength Index (RSI) technical indicators support the bullish view with bullish divergence and increasing momentum signals showing a higher low formed while the price made a lower low earlier on.
We expect the price to rebound towards Take profit level 1 at S$0.960 to retest a previous horizontal support level breakdown from December 2023 to January 2024.
The price is expected to trade higher towards Take profit level 2 at S$0.990 to retest the opening price resistance level of a gap down post earnings release in February 2024.
The expected timeline of the trade is 2-12 weeks from the date of report issuance.
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).
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).