Chart Source: Poemsview 9th May 2018
Mandarin Oriental a hotel chain that most of us would be familiar with. Our tourism sector have been churning out some good numbers so far for the year 2017. More details can be read here at our STB website
For this year STB forecasts tourism receipts to be in the range of S$27.1 to S$27.6 billion (+1 to +3%) and international visitor arrivals to be in the range of 17.6 to 18.1 million (+1 to +4%). (Data from STB website)
With that our hospitality sector would also tend to benefit.
Mandarin Oriental being in the hospitality sector with hotels all across the world can see it benefit from the increase in tourism too.
From the chart, Mandarin Oriental is still an uptrend stock being above all its Moving Averages. Its rare to find such a stock now.
It has broken above its $2.50 horizontal resistance line yesterday and did a re-test of the $2.50 again and is holding well now. Staying above the $2.50 level might see it might move to $2.59 then 2.63. We’ll put our stop loss at $2.42
Do take note that Man Oriental trades in USD.
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