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.

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst

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).

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