The close today at S$1.99 is strong. The last time prices were at this level was on 7Jan09. This tells us that today’s closing price has more push than all the trading sessions up to 7Jan09.
We also have a stochastic cross over signal to go long.
We recommend buying on the open with a stop at S$1.69.
With the STI running up strongly, we are betting Keppel Land will break the S$2.00 mark and continue to run up.
Resistance levels are the 200 day moving average around S$2.25 and subsequently, S$2.41, S$3.00 and S$3.20. These are number to take note of.
Profit target is the S$3.00 to S$3.20 region. We encourage investors to shift stops to breakeven around S$2.30 to S$2.40 to protect capital.
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