Yangzijiang Shipbuilding Stock Code BS6.SGX
Outlook
Yesterday, price broke a short term trendline below the cloud and closed at its low for the day. Price had tried to break above the cloud but was unsuccessful. Yesterday’s price range was also larger than the previous few days before it. Price formed a bearish Falling 3 Methods candlestick pattern as well. Conversion and Base lines has not crossover as yet. MACD is flat just below the zero line but could be about to experience a bearish crossover. MACD had stayed below the zero line since late July. Using September 16 high and using an Ichimoku N price projection, we get a price target of $0.83. There is also a previous price low around $0.88. We think price can go lower to $0.83-0.88
Strategy
$0.955 Short Sell
$0.880 Price Target
$1.01 Risk Management Stop
3 weeks Trade Duration
Starhub Stock Code CC3.SGX
Outlook
Price broke above the cloud 6 trading days ago. Price has pulled back over the past 2 days but price is still above the cloud. Both Conversion and Base lines had a bullish crossover before price broke above the cloud, confirming the bullish trend. Lagging Span is above the cloud and above price of 26 days ago, which confirms the bullish trend. The past 2 trading days has 2 Doji, which is a sign of a price consolidation. The Fibonacci correction points for the rally are at $1.42(38%), $1.40(50%) and $1.37(62%). During the consolidation, we believe price can stay above the Fibonacci 50% correction point. If it can stay above $1.37, we think price is likely to head towards $1.56, which is the Fibonacci 127% projection point as well as the previous highs.
Strategy
$1.42 Buy
$1.56 Price Target
$1.36 Risk Management Stop
3 weeks Trade Duration
