Trade of the Day
iFAST Corporation Ltd (SGX: AIY)
(Current Price: S$6.51) – TECHNICAL SELL
Sell price: S$6.51 Stop loss: S$6.75 (-3.69%)
Take profit 1: S$6.10 (+6.30%) Take profit 2: S$5.45 (+16.28%)
(1): iFAST Corporation Ltd broke down a bearish flag consolidation, with the previous S$7.05 swing low support level acting as resistance twice recently, which provides a bearish signal.
(2): The Moving Average Convergence Divergence (MACD) & Relative Strength Index (RSI) technical indicators support the bearish view with decreasing momentum.
We expect the price to extend its downtrend towards Take profit level 1 at S$6.10 to retest a previous horizontal resistance level in December 2022.
The price could also trade lower towards Take profit level 2 at S$5.45 to retest a horizontal support level from August to October 2023.
The expected timeline of the trade is 1-12 weeks from the date of report issuance.
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).
