Chart Source: Poemsview 24th June 2018
Oil Jumped the most since nov 2016. Opec agreed to a modest increase in oil production but was unclear on how much they might increase by.
“OPEC’s decision confused some in the market as the producers gave opaque targets for the increase, making it difficult to understand precisely how much more it will pump. The expectation that the increase will fall short of the 1 million bpd figure boosted the market. ” (Quoted from CNBC). Due to that, oil jumped and set a bullish tone for the oil market. Read HERE for more.
Keppel Corp seems to be a range for the last week with $7 area being a critical support. The resistance for Keppel Corp might be at $7.17
A break above that might see it move up to $7.26 first and then $7.32. $7.42 might even be possible if oil remains bullish.
Sembcorp Marine is another oil counter that we’re looking at. A break above $2 and staying above that might indicator more upside.