Trade of The Day – Technical Pulse: Manulife US REIT January 20, 2023 445
Manulife US REIT (SGX: BTOU)
(Current Price: US$0.285) – TECHNICAL BUY
Buy price: US$0.285 Stop loss: US$0.275 Take profit: US$0.310
The price has found support at the US$0.275 level and traded sideways before breaking out of a downtrend channel on 19 January. We could see a relief bounce to retest the US$0.310 previous swing low support now turned resistance, which is confluent with a downtrend resistance line. The Moving Average Convergence Divergence (MACD) technical indicator also registered a bullish crossover recently, with momentum increasing currently following a bullish divergence signal where MACD made a higher low while price made a lower low.
Expected timeline of the trade is 1-2 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).