Trade of the Day
Berkshire Hathaway Inc Class B (NYSE: BRK.B)
(Current Price: US$409.11) – TECHNICAL SELL
Sell price: US$409.11 Stop loss: US$420.00 (-2.66%)
Take profit 1: US$386.00 (+5.65%) Take profit 2: US$373.00 (+8.83%)
(1) & (2): Berkshire Hathaway Inc Class B broke down a bearish flag it was trading in. This was confluent with the price breaking below the US$414 support level it held since end-February 2024, providing a bearish signal.
(3): The Moving Average Convergence Divergence (MACD) & Relative Strength Index (RSI) technical indicators support the bearish view with decreasing momentum and lower highs formed.
We expect the price to pull back towards Take profit level 1 at US$386.00 to retest a previous range consolidation resistance level at end-January 2024.
The price could then extend its bearish momentum towards Take profit level 2 at US$373.00 to retest a previous swing high resistance formed in September 2023.
Expected timeline of the trade is 2-12 weeks from the date of report issuance.
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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).
