Technical Pulse: Yangzijiang Shipbuilding Holdings Ltd August 25, 2022 296
Yangzijiang Shipbuilding Holdings Ltd (SGX: BS6) A retest of the immediate support at 0.940-0.950 is possible before the price edges higher as:
- Price has been forming a series of higher lows while supported by an ascending trendline support to create a potential ascending triangle pattern. This points towards a bullish upside.
- The 20-day moving average (MA) crossover after the breakout of a downtrend channel also provides a bullish signal. Price is also supported by the 20MA with bullish rejection candles along the way.
- Price could reach resistance zone 1 at 0.975-0.990 before heading towards resistance zone 2 at 1.01-1.03 thereafter.
*Expected timeline of the trade is 25 weeks from the date of report issuance.
CHART LEGEND
Red box = Resistance zone
Blue line = 20 day moving average (MA)
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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).