Date of Report: October 7, 2024
Broker Name: CGS-CIMB Securities
Company Overview
Rex International Holding Ltd is a production and exploration oil company with concessions in Norway and Oman. The company is listed on the Singapore Exchange and is involved in upstream oil exploration and production.
Stock Performance Overview
Rex International Holding Ltd is showing a bullish trend, according to the technical analysis provided. The stock has rebounded strongly, indicating a potential bottoming-out scenario. Recent price action has been encouraging, with a strong price rebound and the stock breaking past key resistance levels.
Technical Buy Signal
The report reinitiates a technical buy position for Rex International after recent price activity suggests a bullish trend. The stock had been stopped out based on a previous report dated April 12, 2024, but has since recovered:
- Entry Price(s): 0.133, 0.120, 0.100
- Support Levels: 0.118 (Support 1), 0.089 (Support 2)
- Resistance Levels: 0.191 (Resistance 1), 0.250 (Resistance 2)
- Stop Loss: 0.084
- Target Price(s):
- Target 1: 0.155
- Target 2: 0.190
- Target 3: 0.200
- Target 4: 0.250
Key Technical Indicators
- Price Breakout: The stock broke past a critical resistance level of S$0.118, the previous low from February 26, 2024.
- Volume Surge: The rebound in price was accompanied by a significant spike in trading volume, indicating strong investor interest.
- Ichimoku Indicators: Prices are trending above all Ichimoku indicators, suggesting sustained upward momentum.
- MACD/Signal Line Crossover: A bullish crossover has occurred at the bottom, with the histogram turning positive.
- Stochastic Oscillator: The oscillator has risen above the 20-level after a crossover, confirming an oversold signal.
- 23-period ROC (Rate of Change): The ROC is rising and has crossed above the zero line, indicating renewed upward momentum.
- Directional Movement Index: A strong bullish signal is displayed, reflecting positive market sentiment for the stock.
- Volume Trend: Trading volume has been expanding in a healthy manner, further supporting the bullish outlook.
Market Sentiment
The report highlights that Rex Internationalās recent rebound has garnered positive attention, with several key indicators pointing towards a continuation of the bullish trend. Traders are encouraged by the price action and technical signals, which suggest that the stock is poised for further gains.
