Trade of the day – CapitaLand Investment Ltd (SGX: 9CI) November 16, 2023 307

CapitaLand Investment Ltd (SGX: 9CI) 

(Current Price: S$3.14) – TECHNICAL BUY 

Buy price: S$3.14     Stop loss: S$2.97 (-5.41%)     Take profit: S$3.45 (+9.87%)    

(1), (2) & (3): CapitaLand Investment Ltd broke out of a downtrend channel after forming a higher low following a double bottom formation at the S$2.90 support level, which provides a bullish signal 

 

(4): Both Moving Average Convergence Divergence (MACD) & Relative Strength Index (RSI) technical indicators are showing increasing bullish momentum 

 

Should the price continue its bullish momentum, it could potentially retest the previous horizontal resistance level at S$3.45 from June to August, which is also confluent with a 61.8% Fibonacci retracement level using the swing high of S$3.84 formed in May and swing low of S$2.83 formed in October 

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

 

Our research team has a fundamental recommendation of “BUY” with a target price of S$3.68. 

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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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