Technical Pulse: Raffles Medical Group Ltd December 1, 2022 452


Raffles Medical Group Ltd (SGX: BSL) A potential breakout of a bullish cup & handle formation to retest the resistance zone at $1.45-1.54:   


  1. The price broke out of a bullish cup & handle formation on 30 November accompanied with increased volume, which provides a bullish signal.
  2. The Moving Average Convergence Divergence (MACD) technical indicator is also currently displaying increasing momentum.
  3. The price could retest resistance zone 1 at S$1.41-1.45 first before heading to resistance zone 2 at S$1.49-1.54, where the $1.54 swing high level is confluent with the projected target of the cup & handle breakout, taking the breakout height of the cup of $0.21 projected onto the handle breakout point at $1.34.

Our institutional research has a fundamental recommendation of BUY and target price of S$1.46.


*Expected timeline of the trade is 13 weeks from the date of report issuance.




Red box = Resistance zone

Green box = Support zone



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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst

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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