Trade of the Day – Marco Polo Marine Ltd (SGX: 5LY) February 7, 2024 347

Trade of the Day

Marco Polo Marine Ltd (SGX: 5LY)

(Current Price: S$0.055) – TECHNICAL BUY

Buy price: S$0.055     Stop loss: S$0.052 (-5.45%)    

Take profit 1: S$0.060 (+9.09%)     Take profit 2: S$0.063 (+14.55%)          

 

 

(1) & (2): Marco Polo Marine Ltd broke out of a bullish ascending triangle consolidation after it rebounded from the main uptrend channel support

(3): The Moving Average Convergence Divergence (MACD) & Relative Strength Index (RSI) technical indicators are displaying increasing momentum, which supports the bullish view

We believe should the price continue its bullish momentum, it could head towards the first target level at S$0.060 to retest the swing high formed in July 2023

It could then head higher towards the second target level at S$0.063, which is the consolidation breakout target level, using the height of the ascending triangle (S$0.009) projected onto the breakout level at S$0.054

Expected timeline of the trade is 1-12 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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