Trade of the Day
Nanofilm Technologies International Ltd (SGX: MZH)
(Current Price: S$0.695) – TECHNICAL BUY
Buy price: S$0.695 Stop loss: S$0.655 (-5.76%)
Take profit 1: S$0.740 (+6.47%) Take profit 2: S$0.765 (+10.07%)
(1) & (2): Nanofilm Technologies International Ltd broke out of a downtrend resistance line and a consolidation wedge. This provides a bullish signal.
(3): The Moving Average Convergence Divergence (MACD) & Relative Strength Index (RSI) technical indicators support the bullish view, with bullish divergence signals and increasing momentum thereafter.
We expect the price to continue trending higher towards Take profit level 1 at S$0.740, to retest a previous swing high resistance level in March 2024.
The price could then trade higher towards Take profit level 2 at S$0.765, retesting a higher swing high resistance level in March 2024.
Expected timeline of the trade is 1-8 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).
