Keppel Corp at Support - Swing Opportunity?
Keppel Corp (BN4)
Trade war may have shaken the market, but oil prices remain stable with Brent continue trading above US$70/bbl.
With Oil price staying relatively high, it gives prospect of a Oil&Gas industry recovery. And one of the beneficiary when O&G industry recovers would be Keppel Corp, one of the largest Oil Rig builder globally.
Keppel Corp remains as one of the few stocks one STI with a positive Relative Strength (RS) against the STI. With Keppel Corp (or BN4 we brokers call it) may potentially see an reboud as the stock trades towards a "Resistance-turned-Support" zone. With trading volume slows as the stock trends lower, this signifies that the eager of sellers have slowed.
With both, we may see Keppel Corp rebounds from here with first price objective S$6.60 and next at S$6.75.