Date of Report: October 8, 2024
Broker Name: CGS-CIMB Securities

Company Overview

COSCO SHIPPING Energy Transportation Co Ltd, listed on the Hong Kong Stock Exchange under the ticker symbol 1138, is a leading company in the energy shipping sector. The company specializes in the transportation of oil and gas, leveraging a large and modern fleet to support global energy logistics.

Technical Buy Recommendation

CGS-CIMB has issued a “Technical Buy” recommendation for COSCO SHIPPING Energy Transportation Co Ltd, supported by positive technical indicators and favorable entry points for investors.

Key Entry and Target Prices:

• Entry Prices: 0.93, 0.82, 0.68
• Stop Loss: 0.59
• Target Prices:
  • Target 1: 1.10
  • Target 2: 1.16
  • Target 3: 1.24
  • Target 4: 2.10

Technical Indicators

1. Strong Bullish Momentum:
   COSCO SHIPPING Energy Transportation is showing solid upward momentum, supported by key technical indicators that highlight the potential for sustained growth.

2. Support and Resistance Levels:
   The stock has significant support levels at 0.82 and 0.68, with resistance levels indicating targets of 1.10, 1.16, 1.24, and up to 2.10. These defined levels provide a clear framework for potential gains.

3. Upside Potential:
   The stock’s current momentum and technical signals suggest a strong potential for further upside, with the highest target price set at 2.10, reflecting significant growth prospects.

Conclusion

COSCO SHIPPING Energy Transportation Co Ltd presents a compelling buy opportunity based on its technical outlook. With solid support levels and multiple target prices, the stock offers attractive entry points for investors. The company’s strategic role in global energy transportation enhances its long-term value, making it a strong candidate for portfolio growth.