Yangzijiang Shipbuilding $YZJ Shipbldg SGD(BS6.SI) shares rose 4.72% today, likely buoyed by the recent delivery of the LNG dual-fuel container ship "Kota Oasis" to Pacific International Lines (PIL). This vessel is the first in a series of four 8,200 TEU ships ordered from Yangzijiang, marking a significant milestone in the company's shipbuilding endeavors.
โ
I have recently included YZJ in my portfolio when price as at $2.16.
โ
- Pattern Recognition:
The chart shows a potential inverse head and shoulders pattern, typically viewed as a bullish reversal structure. This formation is developing after a prolonged downtrend, indicating possible accumulation. - Key Confirmation Level:
The confirmation of the pattern lies above S$2.35. A breakout above this neckline would signal a shift in momentum and open the door for further upside. - Support Zone:
Price has repeatedly found support around the S$1.90โS$2.00 level, which aligns with historical support and marks the base of the reversal pattern. - Momentum Indicator:
The RSI is rising, reflecting strengthening momentum, which supports the bullish setup in the price chart.