Trade of the Day
Aztech Global Ltd (SGX: 8AZ)
(Current Price: S$0.920) – TECHNICAL SELL
Sell price: S$0.920 Stop loss: S$0.965 (-4.89%)
Take profit 1: S$0.870 (+5.43%) Take profit 2: S$0.840 (+8.70%)
(1) & (2): Aztech Global Ltd is currently trading in a descending broadening wedge with the S$0.940 level acting as a previous support turned resistance following a breakdown. This provides a bearish signal.
(3): The Moving Average Convergence Divergence (MACD) technical indicator supports the bearish view with decreasing momentum.
We expect the price to pull back further towards Take profit level 1 at S$0.870 to retest the wedge trendline support and a previous horizontal support level in January 2024.
The price could then trade lower towards Take profit level 2 at S$0.840 to fill a price gap formed in February 2024.
Expected timeline of the trade is 1-12 weeks from the date of report issuance.
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).
