Trade of The Day: Olam Group Ltd (SGX: VC2) February 10, 2023 404
Olam Group Ltd (SGX: VC2)
Current Price: S$1.55) – TECHNICAL BUY
Buy price: S$1.55 Stop loss: S$1.50 Take profit 1: S$1.63
Take profit 2: S$1.69
The price has been trading in an uptrend channel recently, and formed a bullish hammer candle on 9 February at the channel support following a pullback from the S$1.63 resistance level. We can see continuation of the uptrend to retest the S$1.63 level and subsequently the S$1.69 resistance level, which was a previous swing high formed in April 2022 should a breakout occur thereafter.
Expected timeline of the trade is 2-4 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).