Trade of the Day – Singapore Airlines (SGX: C6L) April 17, 2024 104

Trade of the Day

Singapore Airlines (SGX: C6L)

(Current Price: S$6.22) – TECHNICAL SELL

Sell price: S$6.22     Stop loss: S$6.40 (-2.89%)    

Take profit 1: S$6.00 (+3.54%)     Take profit 2: S$5.78 (+7.07%)   

 

 

(1) & (2): Singapore Airlines broke down a bearish flag consolidation following a series of lower highs formed, which provides a bearish signal.

(3): The Moving Average Convergence Divergence (MACD) & Relative Strength Index (RSI) technical indicators support the bearish view with decreasing momentum and a fresh bearish crossover on the MACD.

We expect the price to extend its downtrend towards Take profit level 1 at S$6.00 to retest a previous horizontal support level in November 2023.

The price could also trade lower towards Take profit level 2 at S$5.78 to retest a swing low support level in October 2023.

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

 

Our research team has a fundamental recommendation of “REDUCE” with a target price of S$5.91

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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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