Week Ahead: 23 December 2024 Macro News Summary: · The November US PCE Index provided a boost to the equities market on Friday, as it rose less than expected. · The CNN Market Sentiment Gauge rebounded from the Extreme Fear zone, suggesting a potential opportunity for buying the dip. · Nil trading set up identified, we will update if we come across any. · This will be a shortened trading week due to Christmas Day. Medium Term Outlook: · S&P 500 (SPX): The S&P 500 is trading at a key technical support level. The uptrend is expected to continue as long as the support area holds. · Straits Times Index (STI): The STI is trending lower in the short term. We are monitoring for potential reversal signals. The index is currently at its first suppor...
Yangzijiang Shipbuilding (YZJ) has been exhibiting favourable technical and fundamental observations. 1. Technicals The chart shows a price breakout above S$2.75 , which had previously served as a strong resistance level. This breakout occurred with increasing volume, indicating strong buying momentum. Price Targets: - 1st Target: S$3.0 - 2nd Target: S$3.20 - Trailing Stop Loss Box (7): S$2.36 (Current) These targets are in line with Fibo extension, 1.618% (S$3.02) and 2.0 (S$3.19). Support and Stop-Loss Investors should keep an eye on the trailing stop at S$2.36 , derived from current Box (7) value. Relative Strength While the stock is outperforming the STI index , the relative strength index (RSI) is not yet overbought, signaling room for further upward movement. 2. Fundementals YZJ's robust strong order and underlying structural trend in s hifting to clean Energy Vessels container and LNG vessels, continues to support company's order book , which extends i...