Crude Oil (WTI) dropped to US$46.34 on Wednesday morning. It is likely to go lower in the next few trading sessions to around US$43.00 level to complete the wave c of its wave ii before resuming its up-trend to form its sub-wave iii. I expect this sub-wave iii to end at around US$60.00 level.
Perisai Petroleum Teknologi (Rm 0.355)
In tandem with the crude oil price, oil and gas related stocks of Bursa Malaysia are likely to move lower in the next few trading sessions.
Perisai is forming its wave c of ii currently before its next surge.
Alam Maritim Resources Bhd (Rm 0.51)
Similarly Alam Maritim is expected to complete its wave c of ii in the next few trading sessions.
Bumi Armada Bhd (Rm 0.995)
Armada's wave form is slightly different. It has formed 5 sub-waves in an up-trend channel. It is likely to drop lower to Rm 0.90 level to complete its sub-wave ii.
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