Trade of the Day – Food Empire Holdings Ltd (SGX: F03) March 10, 2023 371
Trade of the Day
Food Empire Holdings Ltd (SGX: F03)
(Current Price: S$0.870) – TECHNICAL SELL
Sell price: S$0.870 Stop loss: S$0.900 Take profit: S$0.825
The price has hit the uptrend channel resistance and could be due for a pullback, with a bearish candlestick forming on 9 March. The Relative Strength Index (RSI) indicator is also displaying bearish divergence as it made a lower high. The price made a higher high recently, which provides a bearish signal. We could see a retest of the S$0.825 level and uptrend channel support, which is confluent with a previous swing high in October 2021.
Expected timeline of the trade is 2-4 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).