CapitaLand Investment Ltd (SGX: 9CI) 

(Current Price: S$3.14) – TECHNICAL BUY 

Buy price: S$3.14     Stop loss: S$2.97 (-5.41%)     Take profit: S$3.45 (+9.87%)    

(1), (2) & (3): CapitaLand Investment Ltd broke out of a downtrend channel after forming a higher low following a double bottom formation at the S$2.90 support level, which provides a bullish signal 

(4): Both Moving Average Convergence Divergence (MACD) & Relative Strength Index (RSI) technical indicators are showing increasing bullish momentum 

Should the price continue its bullish momentum, it could potentially retest the previous horizontal resistance level at S$3.45 from June to August, which is also confluent with a 61.8% Fibonacci retracement level using the swing high of S$3.84 formed in May and swing low of S$2.83 formed in October 

 
Expected timeline of the trade is 1-8 weeks from the date of report issuance 

Our research team has a fundamental recommendation of “BUY” with a target price of S$3.68.