Trade of the Day – Genting Singapore Ltd (SGX: G13) July 14, 2023 363
Trade of the Day
Genting Singapore Ltd (SGX: G13)
(Current Price: S$0.945) – TECHNICAL BUY
Buy stop price: S$0.955 Stop loss: S$0.925 Take profit: S$1.04
The price is currently consolidating in a descending wedge, with bullish momentum building on both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) technical indicators, as they are displaying bullish divergence with higher lows forming.
The price could rebound and head towards the S$1.04 level should it breakout of the wedge, confluent with a horizontal resistance level formed in May this year as well as the downtrend resistance line.
Expected timeline of the trade is 4-8 weeks from the date of report issuance.
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Featuring regular TA posts and requests to analyse specific stocksAbout the author
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).