Date: October 2, 2024
Broker Name: CGS International Securities

Company Overview

COSCO SHIPPING International (Singapore) Co., Ltd. is engaged in providing logistics services. Its business portfolio includes logistics, dry bulk shipping, ship repair, marine engineering, and property management. The company has been a key player in Singapore’s shipping and logistics industry, maintaining a diverse range of operations within the maritime sector.

Stock Performance and Recent Trends

As of October 2, 2024, COSCO SHIPPING International (Singapore) Co., Ltd. has shown a bullish rebound in its stock price after previous dips. The stock experienced a significant recovery following earlier setbacks, particularly from a previous report dated May 30, 2024.

Key technical indicators suggest that the stock has regained momentum:

• The price has risen above the 100% Fibonacci expansion level of 0.122.
• A bullish breakout was confirmed with prices crossing the gap resistance between 0.125 and 0.135.
• The stock is trending above the Ichimoku indicators, with Leading Span A rising, indicating further upward movement.

Technical Analysis

Several technical factors suggest a continued upward trend for COSCO SHIPPING:

1. Fibonacci Expansion: The stock has rebounded above the 100.00% Fibonacci expansion (0.122) of a three-wave structure.
2. Breakout: A bullish break above the gap resistance of 0.125-0.135 has confirmed the upside potential.
3. Ichimoku Indicators: The stock is trending above the Ichimoku’s indicators, signaling continued bullish momentum.
4. MACD Crossover: A MACD signal line crossover at the bottom suggests a potential upward momentum.
5. Stochastic Oscillator: The oscillator confirms an oversold crossover, further supporting the bullish outlook.
6. ROC (Rate of Change): The 23-period ROC is seen rising above the zero line, indicating increasing momentum.
7. Directional Movement Index: The index confirms the bullish strength.
8. Volume: There has been a significant spike in trading volume, reinforcing the bullish breakout.

Stock Price Levels

• Last Price: 0.142
• Entry Prices: 0.142, 0.135, 0.125
• Support Levels:
  • Support 1: 0.122
  • Support 2: 0.112
• Resistance Levels:
  • Resistance 1: 0.155
  • Resistance 2: 0.170
• Stop Loss: 0.110

Target Prices

• Target 1: 0.165
• Target 2: 0.180
• Target 3: 0.190
• Target 4: 0.220

Analyst Commentary

The report, prepared by analyst Chua Wei Ren, emphasizes the technical recovery of COSCO SHIPPING International (Singapore) Co., Ltd. and suggests that it could continue its bullish trajectory. Key market signals, including rising volume and strong technical indicators, back this optimistic outlook.