KGI Research Singapore

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Technical Analysis: 25 January 2022

United States | Singapore | Hong Kong

UNITED STATES

Walmart Inc (WMT US)

  • Shares rebounded and closed above the mini double bottom level yesterday (~US$138).
  • RSI relatively flat while MACD remains laggard. However, this is a range bound trade and there is strong support at ~US$136 which is another double bottom level.
  • Long – Entry 138.58, Target 145.68, Stop 135.92

Home Depot Inc (HD US)

  • Shares entered the oversold territory yesterday (RSI <30) and rebounded sharply on higher-than-average volumes.
  • Shares closed above the 200dMA which is a short-term support.
  • RSI ticked up sharply yesterday while MACD remains laggard.
  • Long – Entry 350.24, Target 374.16, Stop 337.91

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SINGAPORE

Nanofilm Technologies (NANO SP)

  • RSI oversold as shares find support at 2.96, and may portend a short-term technical rebound after shares declined 15% over the last five trading days. 
  • Long-term support at 2.80 which may limit downside risk to 5% from current levels. 
  • Long Entry 2.97, Target 3.40, Stop 2.80

Geo Energy (GERL SP)

  • Shares surged 12% over the last two trading days on higher-than-average trading volume. 
  • Bullish MACD crossover is supportive of the positive momentum. However, RSI at overbought levels may lead to consolidation at current levels before it continues to form a cup and handle pattern. 
  • Long – Entry 0.36, Target 0.42, Stop 0.33

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HONG KONG

Nongfu Spring Co Ltd (9633 HK)

  • Shares are poised to form a bullish flag pattern. 
  • MACD is about to turn positive, and RSI remains constructive. 
  • Long – Entry: 46, Target: 49.1, Stop: 44.5

China Citic Bank Corp Ltd (998 HK)

  • Shares have been trading upward and just closed at above the high in September 2021.
  • MACD shows strong momentum, while RSI shows shares are overbought. 
  • Long – Entry: 3.70, Target: 3.98, Stop: 3.6

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