Report Date and Broker Information
- Date: October 25, 2024
- Broker: Lim & Tan Securities Pte Ltd
Short-Term Technical Outlook
- Price Direction: The report forecasts a bullish outlook for YANGZIJIANG SHIPBUILDING SGD (YZJ Shipbldg SGD) in the short term, spanning the next one to two weeks.
- Recent Performance: Since the last technical charting report on October 11, 2024, the share price of YZJ Shipbldg SGD has increased by 2.4%, indicating continued upward momentum.
- MACD Signal: A positive signal is currently emitted on the MACD chart, with a bullish crossover observed in mid-October. The MACD line (blue) crossed above the signal line (orange), supporting the bullish trend.
- Relative Strength Index (RSI): The RSI is presently at 52, well below the overbought threshold of 70, suggesting room for further price appreciation.
Resistance and Support Levels
- Near-Term Resistance: The stock’s price may face resistance at S$2.70, a level last reached on September 26, 2024.
- Support Level: If there is a negative price movement, support is expected at S$2.49, which is the daily low recorded on October 15, 2024.
Medium-Term Outlook
- Sideways Movement: The report describes a sideways trend for the medium term.
- Key Resistance: S$2.80
- Key Support: S$2.40
Long-Term Technical Outlook
- Bullish Trend: Over the long term, YZJ Shipbldg SGD is expected to maintain a bullish trend.
- Resistance Level: The report identifies a key resistance level at S$3.00.
- Support Level: Support is expected at S$2.32.
Conclusion
The technical analysis by Lim & Tan Securities suggests that YZJ Shipbldg SGD is in a strong position across multiple timeframes, with bullish indicators and defined resistance and support levels. Investors may consider this an opportunity, particularly in the short and long term, where upward price movements are likely to continue.
