Trade of the Day – Yanlord Land Group Ltd (SGX: Z25) November 22, 2023 175

Trade of the Day

Yanlord Land Group Ltd (SGX: Z25)

(Current Price: S$0.595) – TECHNICAL BUY

Buy price: S$0.595     Stop loss: S$0.565 (-5.04%)    

Take profit 1: S$0.675 (+13.45%)     Take profit 2: S$0.715 (+20.17%)    

 

 

(1) & (2): Yanlord Land Group Ltd broke out of a downtrend resistance line and has been finding support along a short-term uptrend support line, which provides a bullish signal

 

(3): Both Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) technical indicators are showing increasing bullish momentum following bullish divergence previously, which shows bearish momentum weakening and a bullish reversal taking place

(4): Should the price continue its bullish reversal, it could potentially retest the S$0.675 level which was a previous swing high in early October. It could head towards the S$0.715 level thereafter, which acted as horizontal resistance from August to September. These target levels are also confluent with the 50% & 61.8% Fibonacci retracement levels, using the swing high of S$0.820 and swing low of S$0.535

Expected timeline of the trade is 2-8 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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