Trade of The Day – Singapore Airlines (SGX: C6L) July 2, 2024 99

Singapore Airlines (SGX: C6L)

Analyst: Zane Aw

(Current Price: S$6.88) – TECHNICAL BUY

Buy stop: S$6.90     Stop loss: S$6.77 (-1.88%)    

Take profit 1: S$7.10 (+2.90%)     Take profit 2: S$7.30 (+5.80%) 













(1): Singapore Airlines broke out of a consolidation wedge, which provides a signal for bullish trend continuation.
(2): The Moving Average Convergence Divergence (MACD) technical indicator supports the bullish view, with a recent fresh bullish crossover and overall bullish momentum.

We expect the price to trend higher and head towards Take profit level 1 at S$7.10, which was a previous resistance level in February 2024.

The price could then head higher towards Take profit level 2 at S$7.30 to fill a price gap formed in February 2024 following the earnings release.

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

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst

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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