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Background
SapuraKencana Petroleum Berhad were incorporated in Malaysia under the Act on 30 June 2011 as a private limited company called Integral Sdn Bhd. Converted into a public limited company on 20 September 2011, they changed their name to Integral Key Berhad. On 19 December 2011, they changed to Sapura-Kencana Petroleum Bhd and subsequently assumed their current name on 5 April 2012. The Group's major activities is providing end-to end solutions and services to the upstream petroleum industry and covers services in the area of development and production, drilling,EPCIC,marine services, and operations and maintenance. SapuraKencana has expands its business not only in Malaysia, but to other countries around the world such as China, Brazil, America, and Middle East.
Candlestick
There will be 3 point for the price to break.. the 1st is likely to break tomorrow.. A high of 3.5~3.60, would good enough for me if compared to IB's TPs.
P&F
| Date | Open Price | Target Price | Upside/Downside | Price Call | Source |
|---|---|---|---|---|---|
| 05/04/2013 | 3.09 | 3.94 | +0.85 (27.51%) | BUY | HLG |
| 04/04/2013 | 3.02 | 3.96 | +0.94 (31.13%) | BUY | RHB |
| 04/04/2013 | 3.02 | 4.15 | +1.13 (37.42%) | BUY | KENANGA |
| 04/04/2013 | 3.02 | 4.20 | +1.18 (39.07%) | BUY | HDBS |
| 04/04/2013 | 3.02 | 3.70 | +0.68 (22.52%) | BUY | AMMB |
The 1st congestion bullish obj (BO) already reached while the 1st breakout, BO at RM3.71. Still not yet reach. For the 2nd congestion, we are looking the price to go to RM3.34 (same as R2 in candlestick chart) while the 2nd breakout, the pre-BO at RM3.70. The 2 breakouts having similar BO at ~RM3.70.. there might be a retracement before another push to highest.
If looking at IB's TP, the range is from RM3.70 to RM4.20..