Trade of The Day – Technical Pulse: Frencken Group Ltd November 22, 2022 98

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.

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!
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

About the author

Profile photo of Zane Aw

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).

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