Trade of the Day – Mapletree Industrial Trust (SGX: ME8U) April 11, 2023 309

Trade of the Day

Mapletree Industrial Trust (SGX: ME8U)

(Current Price: S$2.38) – TECHNICAL BUY

Buy price: S$2.38     Stop loss: S$2.33    

Take profit 1: S$2.46     Take profit 2: S$2.55

 

 

The price found support upon retest of the consolidation triangle breakout and recent horizontal resistance turned support level at S$2.37, with a bullish hammer candlestick on 10th April.

 

The price could continue its recent bullish momentum to test the first resistance level at S$2.46, which was a previous horizontal support level from July to September last year.

 

It could then head to the next resistance level at S$2.55, confluent with a swing high formed in September last year and a downtrend resistance line.

Expected timeline of the trade is 4-8 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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