Technical Pulse: Frencken Group Ltd August 19, 2022 290
Frencken Group Ltd (SGX: E28) A potential bullish reversal to the upside as:
- The formation of a double bottom at 1.06 is pointing towards a bullish upside.
- Price has been forming a series of higher highs and higher lows, being supported by an ascending trendline support, confirming the reversal of a downtrend.
- Price could reach resistance zone 1 at 1.43-1.52 before heading towards resistance zone 2 at 1.66-1.80 thereafter.
*Expected timeline of the trade is 25 weeks from the date of report issuance.
CHART LEGEND
Red box = Resistance zone
HH = Higher high
HL = Higher low
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About the author
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).