Trade of the Day – Singapore Airlines (SGX: C6L) January 9, 2024 149

Trade of the Day

Singapore Airlines (SGX: C6L)

(Current Price: S$6.39) – TECHNICAL SELL

Sell stop: S$6.35     Stop loss: S$6.43 (-1.26%)    

Take profit 1: S$6.00 (+5.51%)     Take profit 2: S$5.78 (+8.98%)

 

 

 

(1) & (2): Singapore Airlines broke down a recent resistance breakout level at S$6.47 and the rising wedge formation it was trading in following a pullback from the rising wedge resistance

(3): The Moving Average Convergence Divergence (MACD) technical indicator is also displaying bearish divergence with a bearish crossover

We believe should the price continue its bearish momentum, it could head lower towards the first support level at S$6.00, which was the previous swing low formed in November 2023. It could then head towards the second support level at S$5.78, which was the previous swing low formed in October 2023.

Expected timeline of the trade is 2-12 weeks from the date of report issuance

Our research team has a fundamental recommendation of “REDUCE” with a target price of S$5.45

 

 

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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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