Trade of the Day – Prime US REIT (SGX: OXMU) April 25, 2023 461

Trade of the Day

Prime US REIT (SGX: OXMU)

(Current Price: US$0.280) – TECHNICAL BUY

Buy price: US$0.270     Stop loss: US$0.250     Take profit 1: US$0.295

Take profit 2: US$0.335 

 

The price found support at the downtrend channel support with bullish divergence seen on the Relative Strength Index (RSI) technical indicator, which made a higher low while price retraced lower to the channel support. The Moving Average Convergence Divergence (MACD) indicator also formed a fresh positive crossover on 24 April, which provides a bullish signal.

We could see a relief rally to retest the US$0.295 resistance level, which was a recent horizontal support that the price broke down; followed by the next resistance level at US$0.335, which was a recent swing high formed in April this year confluent with the downtrend channel resistance.

Expected timeline of the trade is 1-4 weeks from the date of report issuance.

Our research team has a fundamental recommendation of ‘BUY’ for this counter and a target price of US$0.700.

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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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