Trade of the Day – Keppel Ltd (SGX: BN4) January 23, 2024 146

Trade of the Day

Keppel Ltd (SGX: BN4)

(Current Price: S$6.84) – TECHNICAL SELL

Sell price: S$6.84     Stop loss: S$7.04 (-2.92%)  

Take profit 1: S$6.49 (+5.12%)     Take profit 2: S$6.18 (+9.65%)    

 

 

(1) & (2): Keppel Ltd has been trending downwards along a downtrend resistance line after facing resistance from a retest of a previous uptrend support line

(3): The bearish view is supported by a breakdown of the current uptrend support line

(4): Decreasing momentum is also recorded on both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) technical indicators

We believe should the price continue its bearish momentum, it could head towards the first support level at S$6.49, confluent with a previous horizontal range resistance level formed from October to November 2023. The price could then head lower towards the second support level at S$6.18, confluent with a previous horizontal range support level formed from October to November 2023

Expected timeline of the trade is 2-12 weeks from the date of report issuance

Our research team has a fundamental recommendation of “BUY” with a target price of S$7.52

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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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