Date: 30 September 2024
Broker: Lim & Tan Securities
Stock Overview
Seatrium Ltd is currently experiencing a bullish trend, particularly in the short term. The stock’s price has surged by more than 10% since the last technical charting report from 11 September 2024, which had already predicted a positive price trend.
Short-Term Analysis
Seatrium Ltd’s stock is forecasted to be bullish over the next one to two weeks, making it a strong BUY recommendation based on technical analysis. The upward movement in both the upper and lower Bollinger Bands signals an overall bullish trend, which suggests further price appreciation is possible.
- Last done price: S$1.73
- Resistance: S$1.82
- Support: S$1.68
The Relative Strength Index (RSI) is currently trading at 64, which is below the overbought threshold of 70. This indicates that there is still room for further price appreciation before Seatrium Ltd enters overbought territory and may face a pullback.
Resistance and Support Levels
- Near-Term Resistance: S$1.82, coinciding with the upper Bollinger Band.
- Near-Term Support: S$1.68, supported by double daily lows observed on 17 and 18 September 2024.
If the price momentum turns negative, the support level at S$1.68 could limit any downside movement in the short term.
Medium-Term Outlook
In the medium term, the stock is trading sideways, with the following support and resistance levels:
- Resistance: S$1.88
- Support: S$1.62
Long-Term Projection
For long-term investors, the outlook remains bullish. The stock shows promise for further appreciation in the future, with a resistance level at S$2.00 and support at S$1.55.
Conclusion
Seatrium Ltd is experiencing strong bullish momentum in the short term, with technical indicators suggesting room for further price appreciation. Both medium- and long-term projections show potential, making it a compelling stock to watch for both short- and long-term investors.
