Trade of the Day – Olam Group Ltd (SGX: VC2) March 4, 2024 99

(Current Price: S$1.02) – TECHNICAL BUY

Buy price: S$1.02     Stop loss: S$0.975 (-4.41%)    

Take profit 1: S$1.08 (+5.88%)     Take profit 2: S$1.13 (+10.78%)

   

(1) & (2): Olam Group Ltd broke out of a downtrend resistance line after forming a higher high and higher low from mid-February, which provides a bullish reversal signal

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

We expect the price to continue its bullish momentum, and could head towards take profit level 1 at S$1.08, retesting the swing high resistance formed in November 2023

It could then head towards take profit level 2 at S$1.13 to retest a higher resistance level formed in September 2023

The expected timeline of the trade is 1-8 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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