Rakuten Trade Research Reports
Technical View - Barakah Offshore Petroleum Bhd
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Publish date: Wed, 12 Sep 2018, 10:46 AM
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Hotline: +603 2110 7110 (Account Opening, General enquiry)
Email: customerservice@rakutentrade.my
Barakah Offshore Petroleum (7251)
- Barakah share price has been on consolidation mode since June 2018 and closed at RM0.13 last Friday.
- From a technical perspective, it is currently oversold. Their recent contracts renewal by Petronas and new contracts secured, coupled with improving financials (narrower losses) in the 2Q18. Furthermore the recovery of oil price, the worst may be over hence, stock may stage a technical rebound.
- As such, resistance levels can be found at RM0.145 (R1) and further to RM0.150 (R2).
-
Meanwhile, support levels can be seen at RM0.130 (S1) and RM0.120 (S2).
Source: Rakuten Research - 12 Sept 2018
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