Comprehensive Analysis of Keppel Ltd: A Bullish Outlook
Broker Name: Lim & Tan Securities
Date of Report: 28 November 2024
Introduction
The Singapore Research Team at Lim & Tan Securities has issued an insightful analysis of Keppel Ltd, forecasting a bullish trend for the company’s share price in the short-term. This report highlights key technical indicators and chart patterns, offering a comprehensive view for investors looking to capitalize on potential market movements.
Technical Analysis Insights
Keppel Ltd’s share price has experienced a notable increase of over 4% since the last technical charting report from Lim & Tan Securities released on 12-Nov-24. The report emphasizes the formation of an Ascending Channel pattern, which has been developing since mid-August 2024. This pattern is characterized by two parallel upward sloping lines, suggesting a bullish signal for the company’s stock price.
MACD Chart Analysis
Adding to the optimistic outlook, the MACD (Moving Average Convergence Divergence) chart is currently signaling a positive trend for Keppel Ltd’s share price. A bullish crossover occurred when the MACD line (blue) cut above the signal line (orange) from below, reinforcing the anticipation of upward momentum.
Resistance and Support Levels
In the near-term, Keppel Ltd’s share price is expected to face resistance at the \$7.00 mark, which aligns with the daily high recorded on 04-Apr-24. Conversely, if negative momentum emerges, the support level at \$6.39, as identified by the trend low on 15-Nov-24, could act as a buffer to limit further downside risks.
Short-Term Outlook
- Last Done: S\$6.67
- Resistance: S\$7.00
- Support: S\$6.39
Medium-Term Outlook
- Resistance: S\$7.23
- Support: S\$6.17
Long-Term Outlook
- Resistance: S\$7.75
- Support: S\$5.90
Chart Exhibits
The report provides three chart exhibits for visual reference. Exhibit 1 illustrates Keppel Ltd’s daily chart since April 2024, highlighting the short-term bullish trend. Exhibit 2 showcases the weekly chart since 2015, indicating a sideways movement in the medium-term, while Exhibit 3 presents the monthly chart since 2010, reinforcing the long-term bullish outlook.
Conclusion
Lim & Tan Securities recommends a ‘BUY’ for Keppel Ltd, given the favorable technical indicators and the ongoing bullish trend. Investors are encouraged to consider this analysis and consult with their financial advisors to tailor their investment strategies accordingly.
Research Disclaimer
The report includes a comprehensive research disclaimer, emphasizing that it is intended for clients of Lim & Tan Securities Pte Ltd. It advises recipients to conduct independent evaluations and consult financial advisors before making investment decisions. The disclaimer also clarifies that the information is based on reliable sources, but accuracy and completeness are not guaranteed. Lim & Tan Securities may hold positions in the securities mentioned in the report.
