Trade of the Day – Singtel (SGX: Z74) March 15, 2023 370

Trade of the Day

Singtel (SGX: Z74)

(Current Price: S$2.38) – TECHNICAL BUY

Buy price: S$2.35     Stop loss: S$2.29     Take profit 1: S$2.55    

Take profit 2: S$2.60



The price has pulled back to the downtrend channel support at S$2.32 which is also confluent with a previous swing low support formed at this level in October 2022. The Relative Strength Index (RSI) indicator is also displaying bullish divergence as higher lows were formed while price made a lower low into the support recently, which provides a bullish signal.

We could see a retest of the first resistance level at S$2.55, which is confluent with the swing highs formed in February this year and a 50% Fibonacci retracement level. It could subsequently retest the next resistance level at S$2.60, which is confluent with a retest of the previous uptrend support line that was broken and a 61.8% Fibonacci retracement level. The Fibonacci retracement levels are calculated using the swing high at S$2.78 and swing low at S$2.31.

Expected timeline of the trade is 4-8 weeks from the date of report issuance.

Our research team has a fundamental recommendation of ‘ACCUMULATE’ for this counter and a target price of S$2.84.

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
Click to join!
Notify of
Inline Feedbacks
View all comments

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).

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!