Lion-OCBC Securities Hang Seng Tech ETF (SGX: HST)
(Current Price: S$0.635) – TECHNICAL BUY
Buy price: S$0.635 Stop loss: S$0.610
Take profit 1: S$0.670 Take profit 2: S$0.700
The price found support upon the retest of the S$0.630 support level with a bullish candlestick on 4th May, confluent with a 50% Fibonacci retracement level using the swing high of S$0.780 and swing low of S$0.480. Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) technical indicators are displaying bullish divergence, where higher lows were formed when price retested the support level in a broader range.
The price could head to the first resistance level at S$0.670, which was a recent horizontal support from March to April this year now turned resistance following a breakdown.
It could then head to the next resistance level at S$0.700. This is confluent with key swing high resistances formed in March and April this year.
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 stocks