SAPNRG (5218) - SAPNRG - An Analysis of Its Bullishness


Today it broke through the 20 days EMA but it is nearing the 50 days EMA, which is likely to be broken tomorrow.

If last Friday's close was not yet a confirmation of bullishness as it has not yet breached 20 days EMA last Friday, today's performance is definitely a CONFIRMATION that bulls have returned to this counter.

SAPNRG has displayed a buy signal on the bollinger band as at closing today.

The volume for today and last Friday was very strong, indicating a possibility of forming a "three white soldiers" candlestick pattern tomorrow.

At the time of writing, brent oil price was attempting to break last Thursday's high. If oil managed to close high today, tomorrow will be a 100% confirmation that this counter will continue its momentum towards piercing 50 days EMA, before testing its resistance at RM1.23 and forming a three white soldiers bullish pattern.

UMWOG has managed to form a three white soldiers pattern today. Will SAPNRG follow tomorrow? Well, both these counters did managed to hog the headlines these few days isn't it?