Trade of the Day – CapitaLand Ascott Trust (SGX: HMN) February 20, 2023 435

Trade of the Day

CapitaLand Ascott Trust (SGX: HMN)

(Current Price: S$1.05) – TECHNICAL BUY

Buy price: S$1.05     Stop loss: S$1.02     Take profit 1: S$1.12    

Take profit 2: S$1.15  

 

 

The price has been trading in an uptrend channel recently following a downtrend resistance line breakout, and formed a bullish hammer candle on 17 February at the channel support following a pullback from the S$1.12 resistance level. We can see continuation of the uptrend to retest the S$1.12 recent swing high level and subsequently the S$1.15 resistance level, which was a previous swing high formed in August 2022.

 

Our research team has a fundamental recommendation of BUY for this counter, with a target price of S$1.26.

Expected timeline of the trade is 2-4 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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