As requested by TiTi Shawn. SPC has been trap in a range ever since the stock propelled itself above $4, between 4.60 & its all time high of $6. Recently fundamental news supporting its chart movements have been the less than expected find at Jeruk Oilfields. There are also arguments that increasing oil price actually depress refining margins for SPC. Whatever the case, SPC is still an oil-related company with stakes in refining and petroleum retail when it took ove
r BP's chain of petroleum stations in Singapore. And oil has hit an all-time high of $78 per barrel, although it is mentioned that in real terms, the inflation-adjusted all-time high price of oil back during the gulf war in todays term is around $85. Importantly, we must differentiate the cause of high oil price between growth-induced or due to external geo-political events.
Technically, SPC is back to its $5 support again, RSI trendlines suggest that it may test its recent high of 5.25 soon. From there on, it has to firmly consolidate at 5.25 before it can hit 5.75 again. On the down side, 4.88 should provide a gd suppport, failing which, the next crucial support will be at 4.60.
r BP's chain of petroleum stations in Singapore. And oil has hit an all-time high of $78 per barrel, although it is mentioned that in real terms, the inflation-adjusted all-time high price of oil back during the gulf war in todays term is around $85. Importantly, we must differentiate the cause of high oil price between growth-induced or due to external geo-political events.Technically, SPC is back to its $5 support again, RSI trendlines suggest that it may test its recent high of 5.25 soon. From there on, it has to firmly consolidate at 5.25 before it can hit 5.75 again. On the down side, 4.88 should provide a gd suppport, failing which, the next crucial support will be at 4.60.
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