Singapore O&G Ltd – Daily timeframe (Update from 19 January 17)
Current Sentiment: Bullish
Support 1: 1.280 Resistance 1: 1.380
Support 2: 1.245 Resistance 2: 1.400
The uptrend moved along perfectly after the last update with price breaking above the 1.280 previous record high.
Price started stalling into a correction after hitting a high of 1.380 but the correction was readily halted off the confluence of 20 day moving average and 1.280 resistance turned support area, keeping the uptrend intact. Moreover, the bullish rejection off the support area formed a hammer rejection on 15/02/17 signals a possible reversal back into the uptrend.
Expect the uptrend to resume next for price to test the 1.380 resistance area followed by 1.400.
Note: Our current fundamental view on Singapore O&G is an Accumulate rating with a fair value of $1.370.
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