Swiber – Laggard in the oil and gas play

The Edge, in issue (17 – 23 Sep 2012) had outlined charts for some oil and gas stocks such as Ezion[1], Kreuz, Ezra, Nam Cheong[2] etc. I would like to bring readers’ attention to Swiber whose chart looks interesting. Based on Chart 1 below, Swiber’s chart is forming higher highs and higher lows. It seems to be consolidating around the region of $0.640-0.655 at the moment. Open balance volume or OBV which incorporates volume to price changes (to detect momentum) is almost near an all time high. ADX is at 43 with DI positively placed (i.e indicating the presence of a trend). Supports are at $0.625 / […]