WAITING FOR BREAKOUT CONFIRMATION

Just a simple analysis for this oil counter. I'm still bullish with this counter because on the technical side we can see the price compressing to complete Ascending Triangle pattern. On top of that, we have the internal pattern of Double Bottom which I think strong signal for price reversal. I just roughly forecast the movement of the price by using Fibonacci, however, it is not quite accurate for now since we still waiting for candle to breakout at resistance line. It is not recommended to place an entry now since we don't have any confirmation. In addition on the fundamental side, Sapura Energy recently has been awarded new contracts for its Engineering and Construction (E&C) division, with a combined value of approximately RM766 million. Even though the company struggling to combat with the pandemic which most affected in O&G industry, yet they still secures new wins contract worth millions.