Technical Analysis: 24 February 2022
United States | Singapore | Hong Kong
United States
CF Industries Holdings Inc (CF US)
- Shares are forming an upward parallel trend and bullish flag was formed recently.
- MACD and RSI are currently consolidating.
- Long – Entry 72.85, Target 77.26, Stop 70.86
Occidental Petroleum Corporation (OXY US)
- Even though shares are on a downtrend, oil futures were robust today and jumped more than 6% for both WTI and Brent.
- Long – Entry 38.69, Target 43.10, Stop 36.97
SINGAPORE
Frencken (FRKN SP)
- Shares rebounded at the 23.60% Fib of 1.62 and may portend the start of an uptrend.
- Momentum indicators are mixed with MACD and RSI giving mixed signals. However, we note downside risk is mitigated by strong buying at the key support of 1.55.
- Long – Entry 1.65, Target 1.92, Stop 1.53
Bumitama Agri (BAL SP)
- Shares of the palm oil producer are in the process of forming the cup-and-handle chart pattern. Assuming this bullish set-up, we expect shares to retest the previous 2-year high of around 0.805
- While MACD is positive, RSI indicates overbought conditions. However, we noted that RSI was also overbought in 4Q2019 but did not stop the shares from rallying further.
- Long – Entry 0.680, Target 0.805, Stop 0.645
HONG KONG
WuXi AppTec Co., Ltd. (2359 HK)
- Shares formed a bullish flag pattern.
- Both MACD and RSI are constructive.
- Long – Entry: 109 Target: 119, Stop: 104
Hengan International Group Company Ltd (1044 HK)
- Shares are trending upward.
- Both MACD and RSI are constructive.
- Long – Entry: 42., Target: 44.2, Stop: 41
Related Posts: