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Wednesday, December 21, 2016

SKPetro: A Ticket To Ride The O&G Recovery (UPDATED)

  As at 3:10 EST, WTIC was traded at around USD53.70.


Chart 1: WTIC's intraday chart as at Dec 21, 2016_3.10EST (Source: Bloomberg)

It looks like crude oil prices are poised to pull away from its breakout of its 6-month horizontal resistance of USD52.


Chart 2: WTIC's daily chart as at Dec 20, 2016  (Source: Stockcharts)

One of the best bets for a recovery in O&G is SKPetro. That stock has just broken above the downtrend line, RR at RM1.60. It is poised to break above the resistance from its horizontal line at RM1.68. If it managed to do so, its next resistance will be at the psychological RM2.00 mark and beyond that, the horizontal line at RM2.20.


Chart 3: SKPetro's weekly chart as at Dec 21, 2016_4.00pm (Source:Shareinvestor.com)

Note:

I hereby confirm that I do not have any direct interest in the security or securities mentioned in this post. However, I could have an indirect interest in the security or securities mentioned as some of my clients may have an interest in the acquisition or disposal of the aforementioned security or securities. As investor, you should fully research any security before making an investment decision.

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