Frencken Stock Code E28.SGX
Outlook
Price broke above a recent high at $1.00 yesterday but was unable to move above the cloud, closing just below the cloud resistance. Moving ahead, the cloud resistance is thin and offers price a chance to make a breakthrough. Conversion line has turned up but has not had a bullish crossover with Base line as yet. MACD has a bullish crossover but is still below the zero line. Both of MACD’s line is close to the zero line and we are anticipating a movement above the zero line soon. We see price going to $1.16 initially and $1.23 is also possible.
Strategy
$1.03 Buy
$1.16 Price Target
$0.950 Risk Management Stop
3 weeks Trade Duration
