Trade of the Day – Samudera Shipping Line Ltd (SGX: S56) January 25, 2024 152

Trade of the Day

Samudera Shipping Line Ltd (SGX: S56)

(Current Price: S$0.740) – TECHNICAL BUY

Buy price: S$0.740     Stop loss: S$0.705 (-4.73%)    

Take profit 1: S$0.785 (+6.08%)     Take profit 2: S$0.840 (+13.51%)          

 

 

(1) & (2): Samudera Shipping Line Ltd pulled back to and rebounded from a confluence of supports at the ascending broadening wedge support coupled with the 20-day moving average (MA)

(3): The Moving Average Convergence Divergence (MACD) technical indicator is also displaying an increasing momentum trend

(4): The price is also currently trading in an Elliot 5 wave uptrend, and has upside potential for another leg up

We believe should the price rebound and resume its uptrend, it could head towards the first resistance level at S$0.785 to retest the recent swing high. It could then head higher towards the second resistance level at S$0.840, a retest of the previous horizontal support breakdown from May to July 2023

Expected timeline of the trade is 1-4 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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