Singapore O&G Ltd – Daily timeframe (Update from 27 Sept 2016)
Current Sentiment: Bullish
Support 1: 1.130 Resistance 1: 1.220
Support 2: 1.070 Resistance 2: 1.280
Price is still on track to continue heading in the uptrend here. After the last update, price pretty much stayed range bound for 8 days with the 20 day moving average supporting price before a decisive breakout occurred.
There was an increasing volume bullish break above the 1.200 range high on 07/10/16 suggesting the bullish momentum is returning.
Expect price to trend higher next to test the 1.280 resistance area.
Note: Our current fundamental view on Singapore O&G is an Accumulate rating with a fair value of $1.370
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