Singapore O&G Ltd – Daily timeframe (Update from 14 September 2017)
*Singapore O&G has been added to the “Phillip 20 Portfolio“ since 14 September 2017
Current Sentiment: Bullish
Support 1: 0.495 Resistance 1: 0.535
Support 2: 0.455 Resistance 2: 0.585
The inverted head and shoulders pattern played out perfectly after the last update confirming the 0.430 low in August to be the current bottom. Since the last update, price has been trending higher with significant volume rising in the background showing growing interest.
Further sign of reversal to the upside was established on 30/10/17 after the 20 day moving average crossed above the 60 day moving average. Moreover, the recent correction since 27/10/17 was firmly supported by the 20 and 60 day moving average implying further sign of strength. The subsequent bullish follow through resulted in an increasing volume bullish break above the immediate pullback line on 08/11/17 suggests the start of the next wave higher.
Expect price to break above the immediate 0.535 range high next to test the 0.585 resistance area followed by 0.635.
Note: Our current fundamental view on Singapore O&G is a Buy rating with a fair value of $0.650.
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