Technical Analysis: Singapore O&G Limited October 10, 2016 9

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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About the author

Profile photo of Jeremy Ng

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.

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