Trade of the Day – Genting Singapore Ltd (SGX: G13) January 18, 2024 113

Trade of the Day

Genting Singapore Ltd (SGX: G13)

(Current Price: S$0.985) – TECHNICAL SELL

Sell price: S$0.985     Stop loss: S$1.02 (-3.55%)  

Take profit 1: S$0.925 (+6.09%)     Take profit 2: S$0.900 (+8.63%)    

 

 

 

(1): Genting Singapore Ltd has been forming a series of lower highs which provides a bearish signal

(2): The bullish view is supported by decreasing momentum recorded on both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) technical indicators

(3) & (4): We believe should the price break down of its uptrend support line, it could head lower towards the first support level at S$0.925, confluent with a previous swing high resistance in early December 2023, and a 50% Fibonacci retracement level. The price could then head towards the second support level at S$0.900, confluent with a previous swing low support in late November 2023, and a 61.8% Fibonacci retracement level. The Fibonacci retracement levels are calculated using a swing high of S$1.03 and swing low of S$0.815

Expected timeline of the trade is 2-8 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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