Date of Report: 11 October 2024
Broker: Lim & Tan Securities Pte Ltd
Technical Analysis Overview
The analysis of Yangzijiang Shipbuilding SGD (YZJ Shipbldg SGD) points to a bullish outlook in the short term, with the stock price showing positive momentum that has yet to turn bearish. The report recommends a “BUY” based on this technical analysis.
Year-to-Date Performance
Yangzijiang Shipbuilding SGD has seen a significant surge in its stock price, rising approximately 74% year-to-date. The report suggests that further gains may be expected as the stock continues to exhibit strong positive momentum.
Bollinger Bands and Price Momentum
Both the upper and lower Bollinger Bands are moving upward, indicating that the stock’s bullish trend is still intact. This technical indicator signals that the stock is positioned for additional upside.
Relative Strength Index (RSI)
The Relative Strength Index (RSI) for YZJ Shipbldg SGD is currently trading at 50, well below the overbought threshold of 70. This suggests there is room for further price appreciation before the stock enters overbought territory, which could trigger a pullback.
Short-Term Price Targets
- Resistance: The short-term price resistance is set at S$2.68, which corresponds to the daily high recorded on 27 September 2024.
- Support: Should negative momentum emerge, the price support is located at S$2.42, based on the trend low observed on 11 September 2024.
Medium-Term and Long-Term Outlook
In the medium-term, the stock’s price is expected to move sideways:
- Resistance: S$2.77
- Support: S$2.33
For the long-term, the report maintains a bullish outlook:
- Resistance: S$3.00
- Support: S$2.25
Current Price and Summary of Analysis
- Last traded price: S$2.50
- Short-Term Outlook: Bullish
- Medium-Term Outlook: Sideways
- Long-Term Outlook: Bullish
The technical indicators suggest that the stock may continue to perform well in the short-term, with potential resistance levels to watch out for. However, a strong support level should help mitigate any downside risks in the near future.
Contact Information:
Lim & Tan Securities Pte Ltd
16 Collyer Quay #15-00, Income at Raffles, Singapore 049318
Tel: 6533 0595
www.limtan.com.sg
