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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