Barakah is a PN17 company which is specialized in underwater pipe laying company. This company even own itself a pipe laying barge which is called Kota Laksamana which had dragged them into financial difficulities.
The main catalyst for Barakah to finally make a breakout from its downtrend channel is Petronas had lift off its suspension on PBJV.
There are another...
Barakah, a PN17 company with a huge advantage in its side to revoke the status. Last of its 2 quarter had recorded a significant profit with oil price is keep climbing up, the benefit is huge for this mid-stream company. Not to mention, it also won a court order for Enquest Petroleum to make payment to its subsidiary company by end of Jan '22.
Looking to its price...
again on uptrend track, simple and easy to understand . ( just for sharing no any buy / sell call )
f.y.i , barakah have work hard to release from PN17 , if really YES .. sky is the limit .
Today Barakah had made a strong move from 0.065 to close at 0.08 in one single day.
In shory, today's closed price is above it's downtrend line with strong buying power.
Currently:
1) Looking at line (a) which is inverse with line (a'), showing that eventhough today's closing price is lower than that 6th July but RSI is ticking upward. This show that this counter...
Currently trading below downtrendline on the daily chart and below EMA200 on the weekly chart, as of time of writing remains bullish as Brent broke the $70 mark. Monitor trendline and Support levels for possible long trading opportunities. Be extra cautious as the company is PN17 (company with financial distress).
Fundi Bais :
1) It's Oil.. it's Oil end of discussion
2) It's OffShore... It's has gov support for OffShoring..Tax,Income,Oversea Relation,British Petroleum.
Tech Bias :
1) Big Support W1.
2) Big Discount.
3) High Win Ratio
M.M :
1) Dont place all money in 1 Basket
2) We might lose some, and Win Some.
3) Breakeven.
In Weekly TF, we can see the price creating bullish wedge pattern and break and now the price is looking in sideway before making new high.
Stoch also showing the price already OS and going high. With momentum slowing going up, the price is still maintain around 0.045-0.05 as looking more buyer/ accumulation before push higher.
The TP: 0.75
Barakah found a solid support at 090 before make new high
if break 105 resistant, will fly higher
Create solid marubozu candle for good bullish sentiment on the first half
DISCLAIMER:
This is NOT BUY/SELL call.
Please do your own research before making any decision and trade at your own risk.
Strength in the chart:
1. High volume and forming accumulation stage
2. Upbars high volume
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Disclaimer
This information only serves as reference information and does not constitute a buy or sell call. Conduct your own research and assessment before deciding to buy or sell any stock
