TRADING IDEA: CORRECTION PERCEIVED AS COMPLETED, VELESTO READY TO EMBARK NEW UPWARD WAVE - ACCUMULATE! Velesto Energy Berhad provides services to the oil and gas industry. The Company offers drilling operations, pipe manufacturing, and oilfield services. Technical view on VELESTO: 1. Current price action suggested that VELESTO has completed its correction phase when it hit the lowest point at RM0.165 and recovered to trade above its weekly EMA200w. Volumes appeared to be steady with price encouragingly testing the immediate resistance around RM0.34. A break above RM0.34 likely to spark fresh buying interests with a new upward wave which targeted the price to surge to RM0.45; 2. The weekly MACD is already drifting in the bullish territory while the RSI and Stochastic are gaining in upward momentum indicating bullish near term outlook; 3. Medium term target price is anticipated to be around RM0.45 while support seems firm between RM0.25-0.29 level - Accumulate! Stocks are selected based on technical analysis. Investors are advised to study the underlying fundamentals of each stock to assess and match risks appetite. Stocks listed below are categorized as potentially high risks and may increase in volatility in the near term.
Refer to Asia-Pacific Offshore Report. Issue 151. Mid September 2019. It shows the demand for Self elevating Rig are picking up in this region namely Malaysia Thailand and Indonesia. Velesto NAGA series rigs are in operational condition. Other competitor are not ready or in the reinstating condition to be back in service..it will takes a few months to reactivate provided rig owner had a firm contract.
Hope huge acquiring by epf and asb will push up the price, before expecting good coming quarter result, very strong support at 0.33, think will break 0.36 if market sentiment is good and 0.43 is achievable with good quarter result, stay tune and accumulate
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Mabel
23,884 posts
Posted by Mabel > 2019-10-14 16:24 | Report Abuse
Armada and KNM already break the 0.40 barrier..
Velesto bila?