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