KGI Research Singapore

Singapore's leading broker offering Futures, FX, Equities and Wealth Management.

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

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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

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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

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