Technical Analysis: Singapore O&G Limited October 24, 2016 9
Singapore O&G Ltd – Daily timeframe (Update from 10 Oct 16)
Current Sentiment: Bullish
Support 1: 1.130 Resistance 1: 1.200
Support 2: 1.070 Resistance 2: 1.245
Price experienced some sharp pullback since 11/10/16 where it was held up by the confluence of 60 day moving average and 1.130 support area, keeping the uptrend momentum going.
Moreover, buyers are returning to the market as price surged significantly on 21/10/16 where it closed above the 20 day moving average with increasing volume.
Expect the uptrend to resume next for price test the 1.200 resistance area followed by 1.245.
Note: Our current fundamental view on Singapore O&G is an Accumulate rating with a fair value of $1.370
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Featuring regular TA posts and requests to analyse specific stocksAbout the author
Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd
Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.
He is also a regular columnist on The Business Times - every Monday ChartPoint column.
He graduated with a Bachelor of Science in Banking and Finance from University of London.