8/14/2019 Technical Analysis - SPC - 080603 - OIR

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MITA No. 028/06/2007

Please refer to the important disclosures at the back of this document.

SPC

S I N G A P O R E Charted Territory

Ritesh Menon(65) 6531 9807e-mail: ritesh@ocbc-research.com

3 June 2008

More downside ahead

- SPC has recently corrected from a mid-April peak of S$8.19.

- We have observed that the price decline was made on the back of rising

volume, indicating there is more downside ahead.

- The price move has also broken below the short-term uptrend line as well

as the 50-, 100- and 200-day moving averages, suggesting the currentprice weakness would persist.

- The continued downtrend of the MACD supports our view of more weakness

for SPC, however the oversold position of the short-term stochastic indicator

suggests there could be a minor pause or rebound before the downtrend

continues.

- Resistance is set at S$7.50, which was a price consolidation level between

Oct and Dec 07 and is within a price gap that occurred between 24 and

25 April.

- Immediate support is set at S$6.50, a key price consolidation level over

the last 12 months. 2nd support is set at S$5.20.

Rating

NO RATING

Target Price

NA

Last Closing Price (S$):

6.79

Last Traded Volume (m):

3.429

52 Week Price Range (S$):

5.19 - 9.05

Stock:

Singapore Petroleum Company Ltd

Stock Code:

S99

Bloomberg Code:

SPC SP

Data Source: Bloomberg

Feb M ar Apr May Jun Jul Aug Sep Oct Nov Dec 2 008 Feb Mar Apr May Jun

50 50

Stochastic Oscillator (28.8462)

0 0

Price Oscillator (-0.11974)

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

2nd SUPPORT S$5.20

1st SUPPORT S$6.50

RESISTANCE S$7.50

50 DMA 100 DMA

200 DMA

MOVING AVGs

SINGAPORE PETROLEUM COMPANY (6.9000, 6.9400, 6.7800, 6.7900, -0.1100), Volume (3,429,000)

8/14/2019 Technical Analysis - SPC - 080603 - OIR

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S I N G A P O R E Charted Territory

3 June 2008

For OCBC Investment Research Pte Ltd

Carmen LeeHead of ResearchPublished by OCBC Investment Research Pte Ltd

SHAREHOLDING DECLARATION:The analyst/analysts who wrote this report holds NIL shares in the above security.

RATINGS AND RECOMMENDATIONS:OCBC Investment Researchs (OIR) technical comments and recommendations are short-term and tradingoriented. However, OIRs fundamental views and ratings (Buy, Hold, Sell) are medium-term calls within a 12-month investment horizon. OIRs Buy = More than 10% upside from the current price; Hold = Trade within +/-10% from the current price; Sell = More than 10% downside from the current price.

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