Trade of the Day – Medtecs International Corporation Ltd (SGX: 546) January 5, 2024 250

Trade of the Day

Medtecs International Corporation Ltd (SGX: 546)

(Current Price: S$0.188) – TECHNICAL SELL

Sell stop: S$0.186     Stop loss: S$0.192 (-3.23%)    

Take profit 1: S$0.165 (+11.29%)     Take profit 2: S$0.156 (+16.13%)

 

 

(1) & (2): Since forming an evening star bearish reversal pattern, Medtecs International has been consolidating in a bearish pennant

(3): Both Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) technical indicators are also displaying decreasing momentum

We believe should the price break down from the current consolidation, it could head lower towards the first support level at S$0.165, which was the previous horizontal resistance formed in May 2023. It could then head towards the second support level at S$0.156, which acted as a prior horizontal resistance from June to July 2023.

Expected timeline of the trade is 2-12 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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