Trade of the Day – Arm Holdings PLC (NASDAQ: ARM) September 29, 2023 177

Trade of the Day

Arm Holdings PLC (NASDAQ: ARM)

(Current Price: US$55.49) – TECHNICAL BUY

Buy price: US$55.49     Stop loss: US$52.70 (-5.03%)  
Take profit 1: US$61.00 (+9.93%)     Take profit 2: US$66.00 (+18.94%) 

 

The price has found support upon the retest of a recent breakout level at US$53 and closed above the US$54.50 level, which had acted as resistance for the past 3 trading sessions. The price has also found support from the 5-day moving average (MA) (blue line) this week and closed above both the 5-day MA and 10-day MA (red line), which is a sign of strength for a potential reversal from bearish to bullish momentum.

The price could retest the first resistance level at US$61 and fill a price gap created on 15 September, before heading to the next resistance level at US$66 which was the day high resistance created on 14 September.

Expected timeline of the trade is 1-4 weeks from the date of report issuance.

This counter is available for trading 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:

 

 

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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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