PetroChina Company Limited (HKG:0857) HEFFX Highlights

PetroChina Company Limited (HKG:0857) HEFFX Highlights

PetroChina Company Limited (HKG:0857) HEFFX Highlights

  • PetroChina (PTR) Swings to Q1 Profit on Higher Oil Prices
  • PetroChina Stock Getting Very Oversold
  • PetroChina Agrees To Arbitration In $1B Africa Oil Spat
  • State-owned oil giant PetroChina said in a statement that it had to disconnect the networks linking its petrol stations nationwide for 12 hours on Saturday after the company’s internet payment functions were disabled.

PetroChina Company Limited is a China-based company principally engaged in the production and distribution of oil and gas. The Company mainly operates through four business segments. The Exploration and Production segment is principally engaged in the exploration, development, production and sales of crude oil and natural gas. The Refining and Chemical Products segment is principally engaged in the refining of crude oil and petroleum products, as well as the production and sales of basic petrochemical products, derivative petrochemical products and other chemical products. The Sales segment is principally engaged in the sales of refined petroleum products. The Natural Gas and Pipeline segment is engaged in the transportation and sales of natural gas, crude oil and refined petroleum products.

Overall, the bias in prices is: Downwards.

Short term: Prices are moving.

Intermediate term: Prices are trending.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 5.54.

The projected upper bound is: 5.46.

The projected lower bound is: 5.14.

The projected closing price is: 5.30.

PETROCHINA closed down -0.040 at 5.310. Volume was 20% below average (neutral) and Bollinger Bands were 9% narrower than normal.

Open       High        Low        Close       Volume
5.340      5.340      5.280      5.310      84,379,456

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period              50-period        200-period
Close:                       5.30                       5.62                   5.57
Volatility:                18                           18                       26
Volume:                   106,068,568       97,435,680      102,976,624

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary
PETROCHINA is currently 4.6% below its 200-period moving average and is in an downward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of 0857.HK at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on 0857.HK and have had this outlook for the last 69 periods.

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 62.8570. This is not an overbought or oversold reading. The last signal was a buy 7 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 33.00. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 5 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -44. This is not a topping or bottoming area. The last signal was a buy 6 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 2 period(s) ago.

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John Heffernan

John Heffernan is a Junior Analyst at HEFFX. John is studying Economics and is a contributor on equities at Live Trading News.

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