Trade of the Day – Thai Beverage PCL (SGX: Y92) June 12, 2023 618

Trade of the Day

Thai Beverage PCL (SGX: Y92)

(Current Price: S$0.575) – TECHNICAL BUY

Buy price: S$0.560     Stop loss: S$0.535   

Take profit 1: S$0.615     Take profit 2: S$0.660

 

 

The price formed a morning star bearish-to-bullish reversal candlestick pattern on 9 June upon retest of the S$0.540 swing low in October last year. The price also broke out of a downtrend resistance line and the Moving Average Convergence Divergence (MACD) technical indicator made a fresh bullish crossover, which could signal for a double bottom and pick up in bullish momentum.

 

The price could head to the first resistance level at S$0.615 which was a previous range support it broke down of in May this year. It could then head to the next resistance level at S$0.660 confluent with a previous range resistance level from April to May this year.

Expected timeline of the trade is 4-16 weeks from the date of report issuance.

Our research team has a fundamental recommendation of “BUY” with a target price of S$0.800.

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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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