Nov 5, 2012


SKPETRO – MYR2.71  (Stock Code: 5218)  (Bloomberg Code SAKP MK Equity)

SapuraKencana Petroleum Weekly Chart (click to enlarge):skpetro

SKPETRO made a minor weekly Wave 2 low of MYR2.10 (Jun 2012) with grossly oversold and bullish signals. Most of its chart indicators suggest a very strong upside move. It is likely break into higher territory in a Wave
“3” and “5” move, as it breached its key resistances areas recently.

SHORT-TERM BUY (TECHNICAL) on dips for SKPETRO, with firm  support areas at MYR2.48 and MYR2.70. The upside target areas for SKPETRO are at MYR2.87, MYR2.98 and MYR3.40, with stop-loss at MYR2.46

SapuraKencana Petroleum Bhd. (SKPETRO)  is an oil & gas services  (O&G)  company.  The company  offers engineering, procurement, construction, installation and commissioning services  for the oil and gas  (O&G) industry. It also offers a wide range of other services such as offshore drilling and underwater services.

by MIB