Trade of the Day – Yangzijiang Shipbuilding Holdings Ltd (SGX: BS6) November 28, 2023 198

Trade of the Day

Yangzijiang Shipbuilding Holdings Ltd (SGX: BS6)

(Current Price: S$1.47) – TECHNICAL BUY

Buy price: S$1.47     Stop loss: S$1.43 (-2.72%)    

Take profit 1: S$1.56 (+6.12%)     Take profit 2: S$1.65 (+12.24%)

 

 

 

 

(1) & (2): Yangzijiang Shipbuildng Holdings Ltd broke out of a downtrend resistance line following a higher low formation, which provides a bullish signal

 

(3): Both Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) technical indicators are showing increasing bullish momentum

We believe the price could potentially retest the first resistance level at S$1.56, which is confluent with the recent swing high formed in November, followed by a retest of the S$1.65 swing high resistance formed in October

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
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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