Technical Pulse: Sea Ltd October 6, 2022 581

 

Sea Ltd (NYSE: SE) A potential bullish reversal to the upside to retest the downtrend line resistance as:   

 

  1. The formation of a bulish hammer candlestick pattern on 5 October at the support level of 57.00 while breaking out of the 20-day Moving Average resistance concurrently points towards a bullish upside.
  2. The Moving Average Convergence Divergence (MACD) technical indicator is displaying increasing momentum where the MACD line made a bullish crossover over the Signal line.
  3. The price could reach the resistance level at 73.00 which is confluence of the downtrend line resistance and 50% Fibonacci retracement level resistance, with the swing high of 93.70 and swing low of 52.38 as points of reference

 

 

 

*Expected timeline of the trade is 13 weeks from the date of report issuance.

 

CHART LEGEND

 

Red box = Resistance zone

Green box = Support zone

Orange line = 20-day Moving Average

 

 

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About the author

Profile photo of Zane Aw

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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