BARAKAH trade ideas
Barakah Breakout with VolumeBarakah is a PN17 company which is specialized in underwater pipe laying company. This company even own itself a pipe laying barge which is called Kota Laksamana which had dragged them into financial difficulities.
The main catalyst for Barakah to finally make a breakout from its downtrend channel is Petronas had lift off its suspension on PBJV.
There are another 2 catalyst that might turn to favor Barakah become into bullish, of course if it work out:
1) the submitted regularisation plan is accepted by SEC and it's PN17 status is revoke.
2) the result in arbitration amount Enquest Petroleum need to pay.
On chart pattern wise, Barakah was in downtrend bearish channel since Apr 2021. Until yesterday there is a positive sign that it had made a triangle breakout.
But, it had left a gap at 0.05 and if it is weakened due to some reason it may find its support at 0.03. (perhaps that double top might play out can trigger this to happen)
On the up side, if the chart can close at 0.08 or above, we could see double top formation to be cancel out. This could bring the price to next resistant at 0.09 followed by 0.110.
Disclaimer:
This is not a Buy / Sell call. This material is for learning purposes only.
Consult your financial advisor and trade at your own risk.
BARAKAH is trying really hard to break TriangleBarakah, a PN17 company with a huge advantage in its side to revoke the status. Last of its 2 quarter had recorded a significant profit with oil price is keep climbing up, the benefit is huge for this mid-stream company. Not to mention, it also won a court order for Enquest Petroleum to make payment to its subsidiary company by end of Jan '22.
Looking to its price movement, the price channel looks very strong. It had consolidated and creating a triangle which I anticipate will be a breakout in early Feb'22.
If it manage to breakout, uptrend will intact with R1 will be at 0.110
Disclaimer:
This is NOT a buy / sell call. This material is for learning purposes only. Trade at your own risk.
Barakah Imminent BreakoutToday Barakah had made a strong move from 0.065 to close at 0.08 in one single day.
In shory, today's closed price is above it's downtrend line with strong buying power.
Currently:
1) Looking at line (a) which is inverse with line (a'), showing that eventhough today's closing price is lower than that 6th July but RSI is ticking upward. This show that this counter is gaining strength.
2) Today's closing is above MA20 line.
3) Macd also made a cross today.
I anticipate that Barakah is imminent breakout from downtrend line with Double Bottom formation.
Disclaimer: This is NOT a Buy / Sell call. This analysis is for learning purpose only.
Barakah Offshore Trading Below Down TrendlineCurrently trading below downtrendline on the daily chart and below EMA200 on the weekly chart, as of time of writing remains bullish as Brent broke the $70 mark. Monitor trendline and Support levels for possible long trading opportunities. Be extra cautious as the company is PN17 (company with financial distress).
BARAKAH OFFSHORE PETROLEUMFundi Bais :
1) It's Oil.. it's Oil end of discussion
2) It's OffShore... It's has gov support for OffShoring..Tax,Income,Oversea Relation,British Petroleum.
Tech Bias :
1) Big Support W1.
2) Big Discount.
3) High Win Ratio
M.M :
1) Dont place all money in 1 Basket
2) We might lose some, and Win Some.
3) Breakeven.
Bullish sign in BarakahIn Weekly TF, we can see the price creating bullish wedge pattern and break and now the price is looking in sideway before making new high.
Stoch also showing the price already OS and going high. With momentum slowing going up, the price is still maintain around 0.045-0.05 as looking more buyer/ accumulation before push higher.
The TP: 0.75
Study: barakah ready to take off??Barakah found a solid support at 090 before make new high
if break 105 resistant, will fly higher
Create solid marubozu candle for good bullish sentiment on the first half
DISCLAIMER:
This is NOT BUY/SELL call.
Please do your own research before making any decision and trade at your own risk.
Barakah - Beginning of Uptrend?Strength in the chart:
1. High volume and forming accumulation stage
2. Upbars high volume
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Disclaimer
This information only serves as reference information and does not constitute a buy or sell call. Conduct your own research and assessment before deciding to buy or sell any stock
