Date: 16 September 2024
Broker Name: UOB Kay Hian Private Limited
Singapore Tech Engineering (STE) is currently experiencing a bullish trend, supported by favorable technical indicators. As of the last trading session, the stock price was S$4.67. Analysts recommend a “Trading Buy” for STE within the price range of S$4.57 to S$4.58, with an upside target price of S$5.00.
Technical Indicators
STE’s stock price is trading above the cloud, which is a positive signal that the uptrend remains intact. The conversion and base lines have formed a bullish crossover, indicating a strong upward momentum. Additionally, the Moving Average Convergence Divergence (MACD) is rising, further reinforcing the bullish outlook for the stock.
Investment Outlook
The report suggests that the favorable technical setup could lead to higher stock prices in the short term, with the upside potential target set at S$5.00. A protective stop-loss can be placed at S$4.43 to manage downside risks. The timeframe for this trading idea is approximately 1-2 weeks, and it is recommended to initiate the trade if the stock hits the entry price range within three trading days.
From a fundamental perspective, institutional research provides a “BUY” recommendation, with a slightly lower target price of S$4.95, highlighting a positive outlook for STE in the near term.
