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.
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