Trade of the Day – Seatrium Ltd (SGX: S51) January 10, 2024 240

Trade of the Day

Seatrium Ltd (SGX: S51)

(Current Price: S$0.112) – TECHNICAL BUY

Buy price: S$0.112     Stop loss: S$0.108 (-3.57%)  

Take profit 1: S$0.124 (+10.71%)     Take profit 2: S$0.129 (+15.18%)    

 

 

(1): Seatrium Ltd found support upon a retest of the horizontal resistance breakout level at S$0.111, which is also confluent with the 20-day moving average (MA) which acted as a dynamic support in December 2023 during a pullback

(2): The bullish view is supported by increasing momentum recorded on both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) technical indicators

(3): We believe the price could rebound towards the trendline resistance and first resistance level at S$0.124, confluent with a 50% Fibonacci retracement level and swing low support formed in October 2023

The price could then head higher towards the second resistance level at S$0.129, confluent with a 61.8% Fibonacci retracement level and swing high resistance formed in October 2023. The Fibonacci levels are calculated using S$0.101 as the swing low and S$0.147 as the swing high

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

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

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).

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!