Technical Pulse: Singapore O&G Ltd February 16, 2017 28
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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Featuring regular TA posts and requests to analyse specific stocksAbout the author
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.