Trade of the Day
Singapore Exchange Ltd (SGX: S68)
(Current Price: S$9.37) – TECHNICAL BUY
Buy price: S$9.37 Stop loss: S$9.16 (-2.24%)
Take profit 1: S$9.63 (+2.77%) Take profit 2: S$9.86 (+5.23%)
(1) & (2): Singapore Exchange Ltd broke out of a downtrend resistance line following a double-bottom earlier at the S$8.97 level, which provides a bullish signal.
(3): The Moving Average Convergence Divergence (MACD) technical indicator supports the bullish view with a bullish divergence signal while the double-bottom was formed, and increasing momentum thereafter.
We expect the price to continue trending higher towards Take profit level 1 at S$9.63 to retest a previous swing high resistance level in February 2024.
The price could then trade higher towards Take profit level 2 at S$9.86 to retest a higher swing high resistance level in January 2024.
Expected timeline of the trade is 1-12 weeks from the date of report issuance.
Our research team has a fundamental recommendation of “ACCUMULATE” with a target price of S$10.53.
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).
