PetroChina Company Limited (HKG:0857) Protested by Myanmar Nationals

PetroChina Company Limited (HKG:0857) Protested by Myanmar Nationals

PetroChina Company Limited (HKG:0857) Protested by Myanmar Nationals

  • PetroChina submitted a development plan of Block 58, in Peru, to state energy agency PeruPetro.
  • The plan calls for drilling 60 wells in six years to tap the 3.9 Tcf gas reserves in the block.
  • The uncertainty lies in the gas pipeline construction, which was suspended as a result of the Odebrecht scandal.
  • Submission of the $2 billion development plan will have impact on local gas and world LNG markets beginning 2023; it implies PetroChina has its own corruption bust behind it.
  • Myanmar nationals protesting construction of Chinese pipeline
  • Almost 600 residents of the port town of Kyaukphyu in Myanmar’s Rakhine state are protesting Chinese oil tankers, that have moved into the region to start construction of a $1.5 billion pipeline meant to diversify China’s oil sources

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 stalling.

Intermediate term: Prices are trending.

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

The projected upper bound is: 5.44.

The projected lower bound is: 5.13.

The projected closing price is: 5.28.

PETROCHINA closed down -0.050 at 5.290. Volume was 17% above average (neutral) and Bollinger Bands were 41% narrower than normal.

Open     High     Low       Close    Volume
5.300    5.310    5.240    5.290    119,003,352

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

Moving Averages: 10-period             50-period         200-period
Close:                       5.32                      5.55                   5.57
Volatility:                12                          18                      26
Volume:                   102,765,448      97,994,952      103,624,256

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 5.0% below its 200-period moving average and is in an downward trend. Volatility is relatively normal 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 75 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 60.0001. This is not an overbought or oversold reading. The last signal was a buy 13 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 36.65. 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 4 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 -116.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 12 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 8 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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