Technical Pulse: Singapore O&G Ltd September 14, 2017 353

Technical buy

Singapore O&G Ltd – Daily timeframe (Update from 13 July 2017)

14 Sept

*Entry Price: 0.490                             Stop loss : 0.420                                   Take profit : 0.555

*Singapore O&G Ltd will be added to the Phillip 20 Portfolio once the trade is triggered

Current Sentiment: Bullish

Support 1: 0.445                   Resistance 1: 0.510

Support 2: 0.425                   Resistance 2: 0.555

Price continued to fall after the last update as the bearish momentum picked up speed, taking out multiple support levels. However, the recent price action is suggesting a near term rebound after the 0.425 resistance turned support area succeeded in halting the sell-off.

The recent rebound of the 0.425 support area on 22/08/17 managed to close price back above the 20 day moving average on 13/09/17 signals an early stage of a recovery is ongoing. Moreover, the increasing volume bullish break on 13/09/17 has validated the inverted head and shoulders pattern after price broke above the neckline further confirming the bullish narrative.

Expect price to make a rebound next to test the 0.510 resistance area followed by 0.555.

Note: Our current fundamental view on Singapore O&G is a Buy rating with a fair value of $0.650.

14 septt

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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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