Trade of the Day – AEM Holdings Ltd (SGX: AWX) October 24, 2023 209

Trade of the Day

AEM Holdings Ltd (SGX: AWX)

(Current Price: S$3.36) – TECHNICAL SELL

Sell price: S$3.36     Stop loss: S$3.50 (-4.17%)     Take profit: S$3.10 (+7.74%)    

 

 

 

AEM could break down a bearish flag and continue its downtrend since breaking down an uptrend channel previously. The price also met resistance upon a retest of the S$3.70 previous range support turned resistance level at the confluence of the bearish flag trendline resistance. Further bearish signals include a breakdown of the S$3.50 horizontal support level recently on 23rd October and a fresh bearish crossover on the Moving Average Convergence Divergence (MACD) technical indicator.

 

Should price continue its current bearish momentum, it could retest the S$3.10 horizontal support level which is confluent with previous swing lows formed in May and August.

Expected timeline of the trade is 1-8 weeks from the date of report issuance.

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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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