China Aviation Oil (G92): BREAKOUT
Commentary:Oil price (BRENT) continues to trade above US$50/bbl amid recent sell off. Higher oil price is beneficial as it helps boost the company's trading profit. Company will be announcing its 1QFY17 earnings on 19 Apr 2017.
Technical Observation:China Aviation Oil (G92) broke out this morning from its Re-accumulation Zone which lasted 6 months since Jul 16. Volume is encouraging on rally and momentum (using MACD) remains bullish with recent bullish crossover. This gives positive indications that the stock is likely to enter into a new Mark Up Zone which may see the stock trading towards 423.6% fibonacci projection at S$1.92, probable high of the Mark Up zone.
Probable Trade Plan as follows:TP: S$1.92