Trade of the Day – Hiap Tong Corporation Ltd (SGX: 5PO) July 28, 2023 157
Trade of the Day
Hiap Tong Corporation Ltd (SGX: 5PO)
(Current Price: S$0.141) – TECHNICAL BUY
Buy price: S$0.141 Stop loss: S$0.134 Take profit: S$0.170
The price broke out of a bullish cup & handle formation on 27th July, coupled with an increase in momentum on the Moving Average Convergence Divergence (MACD) technical indicator. Recent price action is also bullish, with higher lows formed towards the S$0.142 neckline along an uptrend support line.
The price could head towards the S$0.170 level, when using the height of the cup (S$0.034) and projecting onto the breakout level at S$0.136.
Expected timeline of the trade is 4-12 weeks from the date of report issuance.
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!
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).