Trade of the Day
Yangzijiang Shipbuilding Holdings Ltd (SGX: BS6)
(Current Price: S$1.52) – TECHNICAL BUY
Buy price: S$1.52 Stop loss: S$1.47 Take profit: S$1.70
The price broke out of a bullish flag, ascending triangle consolidation on 12th July, continuing its bullish momentum since breaking out of an uptrend channel and the previous all-time high at S$1.39. The bullish price action is supported with the Moving Average Convergence Divergence (MACD) technical indicator also displaying strong bullish momentum.
The price could head higher to the S$1.70 level, when using the height of the bullish flag (S$0.20) and projecting it onto the breakout level at S$1.50.
Expected timeline of the trade is 4-12 weeks from the date of report issuance.
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