Strategy:
Traders can look to buy between S$4.34 – S$4.60, with a stop loss at S$4.23. The 1st target price will be S$5.10. 2nd Target price will be at S$5.50. 3rd target price at S$5.80
Technical snapshot:
We are adding on to the technical buy to our previous Trendspotter dated 9 May on iFast Corporation after it has form a series of higher highs and lows after breaking out of the falling wedge. New price action is supporting the bullish upside:
- Bullish engulfing candle is seen breaking out of the kumo, indicating strong signal to the upside. This also signal a three bullish golden cross signal.
- Volume is seen rising, supporting the break out.
- MACD’s histogram is seen rising above the zero line.
- Stochastic oscillator continue to rise, supporting the bullish momentum.