Trade of the Day
Best World International Ltd (SGX: CGN)
(Current Price: S$1.84) – TECHNICAL BUY
Buy price: S$1.84 Stop loss: S$1.80 Take profit 1: S$2.01
Take profit 2: S$2.14
The price found support upon retest of the downtrend channel support with confluence of a previous resistance turned support retest at S$1.82 on 25th May. Both Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) technical indicators are also displaying bullish momentum, where higher lows were formed when price made a lower low into the support.
The price could head to the first resistance level at S$2.01, which is confluent with the recent swing high resistance formed in mid-May.
It could then head to the next resistance level at S$2.14, which was a previous horizontal support in March, now turned resistance following a breakdown.
Expected timeline of the trade is 4-8 weeks from the date of report issuance.
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).
