Similar to most upstream oil players, it is showing a triangle formation. While it is clear the low highers have been forming over the past few weeks, it is not so clear about the lower lows.
Weak economic sentiment and poor investor confidence in O&G since the crash ( in late april) will be a driving factor to determine the price for these counters.
If the current price can hold, it will be good. If it doesnt, it may signal a downtrend. Will need to monitor a few more candles to gauge market sentiment towards upstream O&G players.
Weak economic sentiment and poor investor confidence in O&G since the crash ( in late april) will be a driving factor to determine the price for these counters.
If the current price can hold, it will be good. If it doesnt, it may signal a downtrend. Will need to monitor a few more candles to gauge market sentiment towards upstream O&G players.