Trade of the Day
Yanlord Land Group Ltd (SGX: Z25)
(Current Price: S$0.865) – TECHNICAL BUY
Buy price: S$0.865 Stop loss: S$0.840 Take profit: S$0.955
The price has been trading in a downtrend, however there were potential bullish signs observed recently. The price found support at the trendline support with the confluence of bullish divergence recorded on the Relative Strength Index (RSI) technical indicator where higher lows were formed while price made lower lows into the support.
The Moving Average Convergence Divergence (MACD) technical indicator could also be on the cusp of forming a fresh bullish crossover with the MACD line and Signal line converging having the same value currently, having diverged previously.
We could see a retest of the resistance at S$0.955, which is confluent with a swing low support formed in late November last year.
Expected timeline of the trade is 4-6 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