Frencken Group Stock Code E28.SGX
Trading Buy Range: S$0.95-0.96
Last price: S$0.95
Target price: S$1.07 / 1.15
Protective stop: S$0.87
Yesterday, price broke out from a pennant pattern, which is a continuation pattern. The base and lagging lines are all far above the cloud, confirming the strong uptrend. The MACD remains bullish throughout the consolidation period and there is a bullish MACD crossover. These increase chances of the stock price continuing its upward momentum to move higher.
The potential upside targets are S$1.07 and S$1.15. Stops could be placed at S$0.87.
Approximate timeframe on average: 2-3 weeks (initiate this trade idea if the stock hits the entry price range within three trading days)
Wong Shueh Ting, CFTe
Note : Clients can use CFD 10 to implement this trading idea.
The margin requirement for the first 10 days is 20% and should the trade duration takes longer than 10 days, clients need only to come up with an additional 10% of margin till the end of the 30 calendar days contract.