Friday, December 13, 2013

SKPetro- just broke to a new high

SKPetro broke above its recent high of RM4.50 today. With this breakout, the stock may continue its uptrend. Previous breakout of the preceding high was in May and the stock rose from the breakout level of RM3.20 to RM4.50. Will the same happen again? We will wait & see.

Based on technical consideration, SKPetro could be a trading BUY.

Chart : SKPetro's weekly chart as at Dec 12, 2013  (Source: tradesignum)

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.


lai said...

Hi Alex,

I see E force is showing some potential. May i know what is your price objective and how you derived it (based on horizontal resistance, channel or measure movement? etc...)

Much thanks!

Alex Lu said...

Hi lai,

EForce is at the 2010 high of RM0.55. It broke thru it earlier but fell back. Now it is staying above the RM0.55 level.

The line connecting the previous peaks could be the resistance for the next big surge. If so, the resistance is at RM0.75-0.80.