Technics Oil and Gas: Reached the Price Target

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If you have missed the boat of this stock breakout, it is too late to chase the stock now. Technics Oil and Gas has reached the minimum target price of $0.63 since the breakout from the falling wedge. See Previous Analysis.

The stock price was very bullish and continued the uptrend to reach 138.2% Fibonacci Retracement Level and started the reversal.  The upside is very limited as for now as this stock probably will drop back to the Fibonacci Retracement Level at either $0.687 or $0.615 for consolidation before start the next move.

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Technics Oil & Gas – A Good Entry Level

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Current Technic Gas & Oil stock price looks like a good entry level both technically and fundamentally.

Technical Analysis 

  • The stock price broke out from a Falling Wedge with a price target of $0.63.
  • The stock price came back to test the Falling Wedge previous resistance and rebounded from this resistance turned support level.
  • Since then, the stock moves above 20D, 50D and 200D MA and stay above 78.6% FR support.
  • A “higher high, higher low” up trend chart pattern is observed. 

Fundamental Analysis (Base on latest quarter financial performance) 

  • Increasing Net Operating Cash Flow
  • Dividend about 4.8% (base on $0.57 stock price)
  • ROA = 14.9 (Annualised)
  • ROE = 32.1 (Annualised)
  • Order Book stands at $82 million.
  • Management expect better FY2010 than FY2009 base on current order book and project schedule.
  • Company shares buy back recently between $0.565 and $0.57 these few days.
  • PE = 12.89 (base on $0.57 stock price) versue 2008 PE of 20.6 and 2007 PE of 26.4
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