CNOOC Ltd (HKG:0883) Commissioned MAN Diesel

CNOOC Ltd (HKG:0883) Commissioned MAN Diesel

CNOOC Ltd (HKG:0883) Commissioned MAN Diesel

  • CNOOC Ltd (NYSE:CEO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday, May 2nd.
  • According to Zacks, “Cnooc Limited is a company that engages primarily in the exploration, development and production of crude oil and natural gas offshore China. We are the dominant producer of crude oil and natural gas and the only company permitted to conduct exploration and production activities with international oil and gas companies offshore China.”
  • CNOOC China Limited Zhanjiang Branch has commissioned MAN Diesel & Turbo to supply a total of six compressor trains for the DONGFANG 13-2 Gas Fields Development Project in the South China Sea.
  • “We are delighted that a renowned company such as CNOOC Ltd. has demonstrated its confidence in our compressor technology“,states Ronnie Su, Head of Sales & Contracts Turbomachinery of MAN Diesel & Turbo in China. “This order for Dongfang emphasizes how the market is developing: the growing focus lies on reliable gas supply, which supports China’s efforts to optimize its energy mix toward cleaner sources and reduce its reliance on coal. MAN Diesel & Turbo has the right technology to fully support this goal.”

 

CNOOC Limited is a Hong Kong-based investment holding company principally engaged in the exploration, production and trading of oil and gas. Its businesses include conventional oil and gas businesses, shale oil and gas businesses, oil sands businesses and other unconventional oil and gas businesses. The Company mainly operates through three segments. Exploration and Production segment is engaged in the exploration, development and production of crude oil, natural gas and other petroleum products. Trading segment is engaged in the trading of crude oil, natural gas and other petroleum products. Corporate segment is engaged in corporate-related businesses. The Company mainly operates businesses in China, Canada, the United Kingdom, Nigeria, Indonesia and Brazil, among others.

 

Overall, the bias in prices is: Downwards.

Short term: Prices are stalling.

Intermediate term: Prices are ranging.

The projected upper bound is: 9.37.

The projected lower bound is: 8.80.

The projected closing price is: 9.09.

CNOOC closed down -0.080 at 9.080. Volume was 23% above average (neutral) and Bollinger Bands were 23% narrower than normal.

Open      High      Low      Close      Volume
9.040    9.090    8.970    9.080    92,030,064

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

Moving Averages: 10-period         50-period         200-period
Close:                       9.16                   9.14                   9.59
Volatility:                13                      20                      27
Volume:                  58,950,192      79,003,184      66,803,968

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

CNOOC gapped down today (bearish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
CNOOC is currently 5.3% 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 0883.HK at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on 0883.HK and have had this outlook for the last 19 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 33.8234. This is not an overbought or oversold reading. The last signal was a sell 6 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 47.34. 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 46 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 -42. This is not a topping or bottoming area. The last signal was a sell 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 10 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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