Trade of the Day – Hongkong Land Holdings Ltd (SGX: H78) January 11, 2024 106

Trade of the Day

Hongkong Land Holdings Ltd (SGX: H78)

(Current Price: S$3.45) – TECHNICAL BUY

Buy price: S$3.45     Stop loss: S$3.33 (-3.48%)    

Take profit 1: S$3.64 (+5.51%)     Take profit 2: S$3.71 (+7.54%)      

 

 

(1) & (2): Hongkong Land found support upon retest of a downtrend resistance line and horizontal resistance breakout of S$3.40, which is also confluent with the ascending broadening wedge support it is currently trading in

(3): Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) technical indicators are displaying increasing momentum

(4): We believe the price could extend its current uptrend and head towards the first horizontal resistance level at S$3.64, confluent with the range highs formed from August to September 2023. The price could then head higher towards the second resistance level at S$3.71, confluent with a previous swing high formed in September 2023 as well as a long-term downtrend resistance line

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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