Trade of the Day – Raffles Medical Group (SGX: BSL) January 11, 2024 117

Trade of the Day

Raffles Medical Group (SGX: BSL)

(Current Price: S$1.06) – TECHNICAL SELL

Sell stop: S$1.04     Stop loss: S$1.07 (-2.88%)    

Take profit: S$0.950 (+8.65%)    

 

 

(1) & (2): Raffles Medical is currently trading in an ascending triangle consolidation within the main downtrend channel. The price met a confluence of resistance at the S$1.09 level recently

(3): The Moving Average Convergence Divergence (MACD) technical indicator formed a fresh bearish crossover, which could signal for continued downside

We believe should the price break down the current consolidation, it could head lower towards the S$0.950 support level, which is confluent with the main downtrend channel support and a previous swing low formed in May 2021

Expected timeline of the trade is 2-8 weeks from the date of report issuance

Our research team has a fundamental recommendation of “NEUTRAL” with a target price of S$1.02

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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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