Singapore O&G Ltd – Daily timeframe (Update from 16 February 17)

Current Sentiment: Bullish

Support 1: 1.285                   Resistance 1: 1.350

Support 2: 1.245                   Resistance 2: 1.380

Due to the lack of bullish follow through after the last update, price went further into the correction instead where it was held up by the 20 and 60 day moving average once again, keeping the long term uptrend intact.

The rebound off the 20 and 60 day moving average managed to shift the bullish momentum back and price is currently moving in an upswing, in line with the long-term uptrend. Moreover, the recent bullish rejection off the 20 and 60 day moving average resulted in price breaking above the immediate pullback line on 06/04/17 suggests an accelerating bullish momentum ahead.

Expect price to trend higher next to test the 1.350 resistance area followed by 1.380.

Note: Our current fundamental view on Singapore O&G is a Buy rating with a fair value of $1.570.