Trade of the Day – Sea Ltd (NYSE: SE) October 6, 2023 285

Trade of the Day

Sea Ltd (NYSE: SE)

(Current Price: US$42.12) – TECHNICAL BUY

Buy price: US$42.12     Stop loss: US$38.80 (-7.88%)  
Take profit 1: US$47.75 (+13.37%)     Take profit 2: US$54.50 (+29.39%) 

 

 

The price found support upon retest of the US$40.20 breakout level, which was the previous neckline resistance of a double bottom formation. Both the Moving Average Convergence Divergence, MACD and Relative Strength Index, RSI, technical indicators show increasing momentum and the price could rebound further if it holds the current breakout.

The price could retest the first resistance level at US$47.75, which was a prior swing low support level in December last year. The price could then head to test the next resistance level at US$54.50, a previous range support level from June to August.

Expected timeline of the trade is 1-8 weeks from the date of report issuance.

Our research team has a fundamental recommendation of “BUY” with a target price of US$87.00.

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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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