Chart 1: WTIC's daily chart as at Mar 2, 2016 (Source: Stockcharts.com)
From the weekly chart, we can see that WTIC has broken above its intermediate downtrend line, R3-R3. Nonetheless it is still in a long-term downtrend line, RR with resistance at USD40. This long-term downtrend line will probably be tested in the next 2-4 weeks' time. Will WTIC break above its long-term downtrend line? Who knows?! The third time's a charm...
Chart 2: WTIC's weekly chart as at Mar 2, 2016 (Source: Stockcharts.com)
As long as crude oil prices are in an upward trajectory, we will live with the hope of seeing prices of O&G stocks going higher. Thus, the next 2-3 weeks will probably be a good time to trade O&G stocks. Good luck!!
3 comments:
Any good oil counter that we invest in? Appreciate if you can recommend some.
Hi Dav C,
My list of O&G stocks are very short:
1. Favco- On pullback to RM2.40
2. SKPetro- if it can stay above RM2.10
3. Uzma- if it can stay above RM1.60
Post a Comment