Trade of the Day – COSCO Shipping International (Singapore) Co Ltd (SGX: F83) April 17, 2024 116

Trade of the Day

COSCO Shipping International (Singapore) Co Ltd (SGX: F83)

(Current Price: S$0.141) – TECHNICAL SELL

Sell price: S$0.141     Stop loss: S$0.149 (-5.67%)    

Take profit 1: S$0.132 (+6.38%)     Take profit 2: S$0.125 (+11.35%)   

 

 

(1) & (2): COSCO Shipping broke down a bearish flag following a false breakout of the S$0.149 resistance level earlier, which has continued to act as resistance thereafter. This provides a bearish signal.

(3): The Moving Average Convergence Divergence (MACD) & Relative Strength Index (RSI) technical indicators support the bearish view with decreasing momentum following the false breakout.

We expect the price to extend its bearish momentum towards Take profit level 1 at S$0.132 to retest a previous horizontal support level from February to March 2024.

The price could also trade lower towards Take profit level 2 at S$0.125 to retest a previous range resistance level in December 2023.

The expected timeline of the trade is 1-8 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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