Trade of the Day
Mapletree Industrial Trust (SGX: ME8U)
(Current Price: S$2.38) – TECHNICAL BUY
Buy price: S$2.38 Stop loss: S$2.33
Take profit 1: S$2.46 Take profit 2: S$2.55
The price found support upon retest of the consolidation triangle breakout and recent horizontal resistance turned support level at S$2.37, with a bullish hammer candlestick on 10th April.
The price could continue its recent bullish momentum to test the first resistance level at S$2.46, which was a previous horizontal support level from July to September last year.
It could then head to the next resistance level at S$2.55, confluent with a swing high formed in September last year and a downtrend resistance line.
Expected timeline of the trade is 4-8 weeks from the date of report issuance.
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