Trade of the Day
CapitaLand Investment Ltd (SGX: 9CI)
(Current Price: S$3.34) – TECHNICAL BUY
Buy price: S$3.34 Stop loss: S$3.22
Take profit 1: S$3.52 Take profit 2: S$3.70
The price formed a bullish hammer candlestick upon retest of the S$3.30 swing low in March this year, which could signal for a double bottom and bearish-to-bullish trend reversal. The Relative Strength Index (RSI) technical indicator is displaying bullish divergence with a higher low formed as price made a lower low into the support.
The price could head to the first resistance level at S$3.52 which was a recent swing high resistance in May. It could then head to the next resistance level at S$3.70 confluent with a previous horizontal support level it broke down of in May.
Expected timeline of the trade is 4-12 weeks from the date of report issuance.
Our research team has a fundamental recommendation of “ACCUMULATE” with a target price of S$4.12.
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).
