Post-4Q14 analysts' briefing on 25th March 2014, most O&G analysts in town reaffirmed their “buy” call on SKPETRO and believe that the outlook for SKPETRO remained bullish. Meanwhile, our O&G analyst also shared the same conviction, believing that SKPETRO’s current valuation remains attractive compared to peers. As a result, SKPETRO’s share price had since rallied to reverse from its 4-month downtrend channel. While all the short-mid-and-long-term SMA levels have been taken out, technical indicators are also painting a bullish scenario, with the MACD signal line crossover being expected very soon. From here, we are looking for an uptrend resumption towards RM4.96 (R2) and possibly RM5.64 (R3) next. 

 

Source: Kenanga