Trade of the Day – Best World International Ltd (SGX: CGN) May 26, 2023 234

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.

Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!

Featuring regular TA posts and requests to analyse specific stocks
Click to join!
Notify of
1 Comment
oldest most voted
Inline Feedbacks
View all comments

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).

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!