0145 GMT - Samudera Shipping Line's shares look like a technical buy on the chart, Zane Aw, technical analyst at Phillip Securities Research, says in a commentary. Recently, the shares broke out of range consolidation between S$0.790 and S$0.835 to the upside and subsequently found support upon a retest of this range, giving a potentially bullish reversal signal, the analyst notes. The moving average convergence divergence indicator shows increasing momentum and holds above the zero line, backing the bullish reversal view, the analyst says. The shares should rise toward S$0.920, the resistance level formed at the start of this month, the analyst adds. Shares are 1.8% higher at S$0.845. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
October 09, 2024 21:45 ET (01:45 GMT)
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