Title: Singapore Retail Research | October 8, 2024 Broker: Trendspotter
Idea of the Day – Trendspotter
SIN: Geo Energy Resources Ltd – Bullish reversal cemented
[[3]] Geo Energy Resources Ltd is an integrated coal mining specialist that owns and operates coal mines, offers mine contracting services, and sells coal to traders and export companies. The report notes a bullish reversal in the stock, with the following technical indicators:
The stock has broken out of a larger falling wedge, confirming an upside reversal.
Prices are trending above all the Ichimoku indicators.
MACD/Signal line has performed a crossover at the bottom and the histogram is positive.
Stochastic oscillator confirmed an oversold crossover.
23-period ROC is rising and has rebounded above the zero line.
Directional movement index’s bullish strength signal remains valid.
Volume has been expanding in a healthy fashion.
The report sets the following entry prices, stop loss, and target prices:
Entry Prices: 0.305, 0.270, 0.220
Stop Loss: 0.195
Target Prices: 0.380, 0.400, 0.430, 0.500
HKG HKG HKG
Zengame Technology Holding Ltd (2660) – Technical Buy
– Entry Prices: 3.33, 2.90, 2.50 – Stop Loss: 2.28 – Target Prices: 4.00, 4.80, 6.60, 8.40
Qingdao Port International Co Ltd (6198) – Technical Buy
– Entry Prices: 6.25, 5.50, 5.20 – Stop Loss: 5.08 – Target Prices: 6.60, 7.10, 8.60, 9.40
COSCO SHIPPING Energy Transportation Co Ltd (1138) – Technical Buy
– Entry Prices: 0.93, 0.82, 0.68 – Stop Loss: 0.59 – Target Prices: 1.10, 1.16, 1.24, 2.10
HKG: Property – Overall Holidays sales recover
– The Ministry of Housing said property market sentiment during the holidays improved with both sales and visits to show flats up markedly. – Some developers also shared similar feedback for their project sales during the holidays. – Strong sales momentum could boost developers’ share prices. The report remains cautious on distressed developers as most of them are in restructuring. – The report likes CR Land, COLI, Longfor, Vanek and Greentown among developers and CR Mixc, COPL, and Ever Sunshine in property management.
