Trade of The Day – Technical Pulse: Frencken Group Ltd November 22, 2022 461
Frencken Group Ltd (Current Price: S$1.05) – TECHNICAL SELL
Sell price: S$1.07 Stop loss: S$1.11 Take profit: S$0.985
The price has traded sideways since retesting the previous support now turned resistance level at S$1.12. It closed with a bearish engulfing candlestick on 21 November, with MACD momentum decreasing. We are likely to see the stock price continue moving lower to retest the uptrend line support.
Expected timeline of the trade is 1-2 weeks from the date of report issuance.
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Featuring regular TA posts and requests to analyse specific stocksAbout the author
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).