Ranhill has announced on May 18 that it has commenced drilling operations “on the Pasundan prospect on Citarum PSC, West Java, Indonesia. The block is operated by Bumi Parahyangan Ranhill Energia Citarum Pte Ltd ("BPREC"), in which Ranhill Energy Sdn Bhd ("RESB"), a wholly owned subsidiary of the Company, has 60 % equity interest through its wholly owned subsidiary namely West Java Energy Pte Ltd. The well is targeting the Baturaja and Talang Akar formations together with other secondary targets in the
Yesterday, the share price of Ranhill has shot up by 17 sen to RM1.46. By 3.30 p.m. today, the share price has gained 24 sen to RM1.70. So, Ranhill share price has broken above its long-term downtrend line at RM1.45 as well as its strong horizontal resistance at RM1.67. The next resistance for this stock is RM2.00.
Based on the above bullish breakout, Ranhill is a good trading BUY. It is prudent to set a SELL STOP just below RM1.67.
Chart: Ranhill's daily chart as at May 21 (courtesy of Quickchart)
Note: In this post, I have not examined the company's financial performance nor financial position.
2 comments:
ranhill will list its ranhill energy, take ranhill utilities private, by june deadline to decide WAMCO offer, ranhill utilities worth $7.
I think the best advice you should give is "don't buy at current level".
Furthermore, you should define your stop much clearer. There are stops that is based on hourly, daily, weekly and monthly chart. This depends on each individual style.
My 2 cents.
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