Trade of the Day
Mapletree Logistics Trust (SGX: M44U)
(Current Price: S$1.46) – TECHNICAL BUY
Buy price: S$1.46 Stop loss: S$1.41 (-3.42%)
Take profit 1: S$1.55 (+6.16%) Take profit 2: S$1.60 (+9.59%)
(1) & (2): Mapletree Logistics Trust found support upon a backtest of a descending wedge breakout, following a double formation earlier at the S$1.41 level, which provides a bullish signal
(3): The Moving Average Convergence Divergence (MACD) & Relative Strength Index (RSI) technical indicators support the bullish view with bullish divergence and increasing momentum signals showing a higher low formed while the price made a lower low
We expect the price to rebound further towards take profit level 1 at S$1.55 to retest a previous horizontal resistance level in February
The price is expected to trade higher towards take profit level 2 at S$1.60 to retest a previous support breakdown level in January
The expected timeline of the trade is 2-8 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).
