Trade of the Day – Delfi Ltd (SGX: P34) July 17, 2023 160
Trade of the Day
Delfi Ltd (SGX: P34)
(Current Price: S$1.31) – TECHNICAL BUY
Buy stop price: S$1.32 Stop loss: S$1.25
Take profit 1: S$1.44 Take profit 2: S$1.65
The price is currently consolidating in a wedge and could continue its uptrend this year following an ascending triangle breakout in May this year. The Moving Average Convergence Divergence (MACD) technical indicator also formed a fresh positive crossover on 14th July, displaying some bullish momentum.
The price could head towards the S$1.44 level should it breakout of the wedge, confluent with the previous swing high formed in May this year. The price could then head higher to the S$1.65 level, when using the height of the bullish flag (S$0.33) and projecting it onto the breakout level at S$1.32.
Expected timeline of the trade is 4-12 weeks from the date of report issuance.
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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).