Wednesday, April 15, 2015

SKPetro: Bullish breakout noted

SKPetro broke to the upside of its trading range (RM2.25-2.45) today. At the time of writing, it is at RM2.52.


Chart 1: SKPetro's daily chart as at Apr 15, 2015_9.30am (Source: ShareInvestor.com)

With this breakout, the stock may revisit the recent high of RM3.00.


Chart 2: SKPetro's weekly chart as at Apr 15, 2015_9.30am (Source: ShareInvestor.com)

Just a quick look at WTIC will reveal that crude oil will soon test the resistance of USD55. An upside breakout of this level could signal the end of the downtrend for crude oil.


Chart 3: WTIC's daily chart as at Apr 14, 2015 (Source: Stockcharts.com)

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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3 comments:

  1. Peter ChanFriday, April 17, 2015 2:13:00 PM

    WTI has broken the USD55 resistance. Do you think USD60 is next major resistance? Do we consider the 2 lows at USD44 are double bottom? I am not sure we should use the double bottom formation to estimate the breakout target

    ReplyDelete
  2. Alex LuTuesday, April 21, 2015 9:21:00 AM

    Hi Peter Chan

    I have commented on the crude oil outlook. I think crude oil prices (as reflected by WTIC) did a double bottom reversal. It recovery may follow the path outlined in Wyckoff Schematic.

    I believe the USD60 will be a fairly strong psychological resistance in the current rally off the low. Any rally off the low or bottom is hard to predict. It tends to overshoot. Using the distance between the top of the WW & the bottom of WW to measure the distance is just a rough gauge.

    ReplyDelete
  3. IvanThursday, September 08, 2016 9:59:00 AM

    What is u view on coming 2Q17 result ?

    What is your view on current technical analysis ?

    Tq

    ReplyDelete