Trade of the Day – Frasers Logistics & Commercial Trust (SGX: BUOU) November 3, 2023 204

Trade of the Day

Frasers Logistics & Commercial Trust (SGX: BUOU)

(Current Price: S$1.08) – TECHNICAL BUY

Buy price: S$1.08     Stop loss: S$1.03 (-4.63%)    

Take profit 1: S$1.16 (+7.41%)     Take profit 2: S$1.20 (+11.11%)   

 

 

(1): Frasers Logistics & Commercial Trust broke out of a descending wedge

 

(2) & (3): The breakout took place after bullish divergence was recorded on both Moving Average Convergence Divergence (MACD) & Relative Strength Index (RSI) technical indicators showing bearish momentum weakening and a bullish reversal taking place with MACD making a higher high

 

(4): Should the price continue its bullish reversal, it could potentially retest the previous support breakdown level in September at S$1.16 followed by the S$1.20 level, which was a range support level from May to August prior to a breakdown. These target levels are also confluent with the 50% & 61.8% Fibonacci retracement levels

Expected timeline of the trade is 2-8 weeks from the date of report issuance

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

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).

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!