Trade of the Day – Food Empire Holdings Ltd (SGX: F03) October 19, 2023 163

Trade of the Day

Food Empire Holdings Ltd (SGX: F03)

(Current Price: S$1.10) – TECHNICAL SELL

Sell price: S$1.10     Stop loss: S$1.15 (-4.55%)    

Take profit 1: S$1.04 (+5.45%)     Take profit 2: S$0.950 (+13.64%)   

 

 

Food Empire could break down a potential bearish flag in a broader head & shoulders pattern, with the price breaking below the recent horizontal range support at S$1.12. The weakness is also reflected in both the Moving Average Convergence Divergence (MACD), and Relative Strength Index (RSI) technical indicators showing decreasing momentum with lower highs formed.

 

Should price continue its current bearish momentum, it could retest the first support at the S$1.04 head & shoulders neckline level. The price could then head to the next support level at S$0.950, a prior horizontal support level formed in June.

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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