Trade of the Day – Lendlease Global Commercial REIT (SGX: JYEU) May 12, 2023 593

Trade of the Day

Lendlease Global Commercial REIT (SGX: JYEU)

(Current Price: S$0.685) – TECHNICAL BUY

Buy price: S$0.680     Stop loss: S$0.665

Take profit 1: S$0.720     Take profit 2: S$0.740

 

 

The price found support upon retest of the uptrend support line in a possible bullish ascending triangle formation on 11th May. The Moving Average Convergence Divergence technical indicator is also displaying bullish momentum, where higher lows were formed when price made higher lows since start of the year.

 

The price could head to the first resistance level at S$0.720, which is confluent with key swing high resistances formed since December 2022.

 

It could then head to the next resistance level at S$0.740, which was a previous horizontal support from June to July last year 2022 now turned resistance following a breakdown.

Expected timeline of the trade is 4-8 weeks from the date of report issuance.

Our research team has a fundamental recommendation of ‘BUY’ for this counter and a target price of S$0.910.

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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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