SKPETRO (5218) - SKPetro: Bullish breakout noted

SKPETRO (5218) - 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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