SKPETRO (5218): Bullish

Pattern: Double Bottom Breakout

From the daily chart above, SKPETRO broke out from the downtrend line a few weeks before. Also, we can spot a double bottom with a breakout happened on yesterday.

The projected target price will be around 2.1X, which is closed to the overhead resistance as shown in the red rectangle (2.2-2.3). A buy on pullback or breakout of a pattern are both valid entries. 

Crude Oil Future

Perhaps a lot of you will be interested in the crude oil price because after all, the movement of the oil and gas counters are closely correlated with the crude oil price.

Let's take a look at the light crude oil future weekly chart below:

There is a clear inverse head and shoulder pattern as marked in blue above. The light crude oil price has broken the neckline, which is around 50 and now is consolidating above it. The target price for the crude oil is around 75 based on the pattern.

Should the crude oil maintain its bullish uptrend, it will not be surprised to see strong uptrend for oil and gas counters like SKPETRO, HIBISCS, etc...

Having said that, please trade with care and have proper risk management with position sizing.  

Leave me a comment below and let me know what you think. If you have any queries or want to share the next big stock with me, feel free to contact me via my email or FB page below.

Topics That You Do Not Want To Miss

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