Trade of the Day – Thai Beverage PCL (SGX: Y92) June 12, 2023 380
Trade of the Day
Thai Beverage PCL (SGX: Y92)
(Current Price: S$0.575) – TECHNICAL BUY
Buy price: S$0.560 Stop loss: S$0.535
Take profit 1: S$0.615 Take profit 2: S$0.660
The price formed a morning star bearish-to-bullish reversal candlestick pattern on 9 June upon retest of the S$0.540 swing low in October last year. The price also broke out of a downtrend resistance line and the Moving Average Convergence Divergence (MACD) technical indicator made a fresh bullish crossover, which could signal for a double bottom and pick up in bullish momentum.
The price could head to the first resistance level at S$0.615 which was a previous range support it broke down of in May this year. It could then head to the next resistance level at S$0.660 confluent with a previous range resistance level from April to May this year.
Expected timeline of the trade is 4-16 weeks from the date of report issuance.
Our research team has a fundamental recommendation of “BUY” with a target price of S$0.800.
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 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).