Trade of the Day – Singapore Airlines Ltd (SGX: C6L) October 25, 2023 362

Trade of the Day

Singapore Airlines Ltd (SGX: C6L)

(Current Price: S$6.09) – TECHNICAL BUY

Buy price: S$6.09     Stop loss: S$5.87 (-3.61%)     Take profit: S$6.55 (+7.55%)  

 

 

Singapore Airlines found support upon retest of the downtrend channel, accompanied with bullish divergence on the Relative Strength Index (RSI) technical indicator showing bearish momentum weakening as it made a higher low while the price made a lower low into the support.

 

Should the price do a reversal from the current downtrend and break out of the downtrend channel thereafter, it could potentially retest the previous uptrend support line breakdown and the S$6.55 level, a swing high resistance formed in early October.

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

 

Our research team has a fundamental recommendation of “REDUCE” with a target price of S$6.80.

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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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