O&G stocks may rally next as WTIC & Brent crude oil prices have
reversed. The reversal is achieved when they broke above the neckline of
their respective inverted head and shoulders formation. See charts
below.
Chart 1: WTIC's daily chart as at May 18, 2020 (Source: Stockcharts.com)
Chart 2: Brent's daily chart as at May 18, 2020 (Source: Stockcharts.com)
Among the lower line O&G stocks, we can see Velesto has broken above the line connecting the recent high at RM0.16, It may go to RM0.20 and, beyond that, to RM0.26.
Chart 3: Velesto's daily chart as at May 18, 2020 (Source: Malaysiastock.biz)
Armada has broken above the horizontal line at RM0.20. It will test the next horizontal lien at RM28 and, beyond that, to RM0.33.
Chart 4: Armada's daily chart as at May 18, 2020 (Source: Malaysiastock.biz)
For Sapnrg shareholders, you have to wait for Sapnrg to break above the slopping line at RM0.11.
Chart 5: SAPNRG's daily chart as at May 18, 2020 (Source: Malaysiastock.biz)
Since these stocks have not gone up too excessively, you can consider them for your trading purpose or medium-term investment. Good luck.
http://nexttrade.blogspot.com/2020/05/crude-oil-price-recovery-may-start-soon.html
