Trade of the Day – Lion-OCBC Securities Hang Seng Tech ETF (SGX: HST) May 5, 2023 447
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.
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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).