Trade of the Day – Geo Energy Resources Ltd (SGX: RE4) November 7, 2023 248

Trade of the Day

Geo Energy Resources Ltd (SGX: RE4)

(Current Price: S$0.310) – TECHNICAL BUY

Buy price: S$0.310     Stop loss: S$0.285 (-8.06%)     Take profit: S$0.340 (+9.68%)    

 

 

(1): Geo Energy Resources Ltd has consolidated in an ascending triangle, with the S$0.290 previous horizontal resistance from December last year to May this year now acting as a support which provides a bullish signal

 

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

 

(3): The Bollinger Bands are expanding after a contraction phase, which signals for increased volatility ahead with a potential breakout of the consolidation

 

Should the price breakout of the current consolidation, it could potentially retest the previous horizontal resistance level at S$0.340 from July to November last year, confluent with the projected S$0.030 expected move from the S$0.310 level using the height of the ascending triangle

Expected timeline of the trade is 1-4 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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