Trade of the Day – Sembcorp Industries Ltd (SGX: U96) November 23, 2023 226

Trade of the Day

Sembcorp Industries Ltd (SGX: U96)

(Current Price: S$5.09) – TECHNICAL BUY

Buy stop: S$5.11     Stop loss: S$4.90 (-4.11%)     Take profit: S$5.64 (+10.37%)

 

 

 

(1) & (2): Sembcorp Industries Ltd consolidated in a bullish pennant following a descending wedge breakout, which provides a bullish signal

 

(3): Both Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) technical indicators are showing increasing bullish momentum

Should the price breakout of the bullish pennant and continue the bullish reversal, it could potentially retest the S$5.64 resistance level which is confluent with the swing high formed in end August

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

 

Our research team has a fundamental recommendation of “ACCUMULATE” with a target price of S$6.00

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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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