Tuesday, November 19, 2013

SKPetro- may have a bullish breakout

CIMB issued a bullish report on SKPetro, valuing the stock at RM6.65 (here). It opined that the real excitements for SKPetro are its recent acquisition of Newfield's Malaysian assets for RM2.85 billion and the purchase of Seadrill's tender rigs for RM11.9 billion.

The stock may have just broken above its horizontal line at RM4.35 and it may soon revisit its May 30 high of RM4.50. If it can surpass the recent high, it could be on the way to fulfill the target price set by CIMB.

Based on the bullish breakout above the horizontal line at RM4.35, SKPetro could be a trading BUY. 

 
Chart: SKPetro's daily chart as at Nov 19, 2013_3.00pm (Source: Quickcharts)

Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, SKPetro.
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4 comments:

  1. JYWednesday, November 20, 2013 11:25:00 PM

    Hi Alex

    How do you view Mudajya? It had a breakout above its downtrend trendline 2.80 last month, and has since drop back. Do we consider this a fake breakout or a throwback?

    Thx

    ReplyDelete
  2. Ng Lee HuiTuesday, November 26, 2013 7:50:00 PM

    This skpetro dropped to $4.18 today instead of bull up to $4.50. Any bad news to be released at their quarterly result soon. Can we still hold this counter?

    ReplyDelete
  3. Alex LuWednesday, November 27, 2013 9:06:00 AM

    Hi Ng Lee Hui

    Skpetro has turned short-term negative as it has just broken below its medium-term uptrend line at RM4.20. Its next support is at RM4.10-4.12. Thereafter at RM4.00 & RM3.85.

    Let's wait & see what will happen for the next few days.

    ReplyDelete
  4. Ng Lee HuiFriday, November 29, 2013 10:11:00 PM

    As skpetro has maintained the price around $4.28 for 2 days, will the price move up next few days ?

    ReplyDelete