Technical tracker - HLIB Retail Research –18 May 2022 Themati | HLeBroking

Technical tracker - HLIB Retail Research –18 May 2022

Thematic: Oil- High oil prices to persist

According to IEA, close to 3m b/d of Russian production could be offline due to the international sanctions. In this regard, we note that the oil supply gap is widening and unlikely to be fulfilled by third party countries, given Russia supplies c.10% of the world oil together with some world oil producers is near their maximum cap spare capacity. In the wake of the disruptions, we reckon the already multi-year low global oil inventories is set to prolong, exerting further upward pressure on global oil prices going forward. With elevated oil price, it is not far-fetched to imagine that the upstream oil & gas companies, may be incentivized to expand their capacities to capitalize on the lucrative oil revenues. We reiterate an Overweight call in the Oil and Gas sector, with Brent oil expecting to average at USD85-90 for 2022.

Stock picks:

HIBISCUS: The prominent proxy
Technical Outlook: Ascending triangle breakout
Collection range: RM1.30-1.35-1.47
Upside targets: RM1.60-1.67-1.76
Cut loss: RM1.19

DNEX: Tech + Oil proxy
Technical Outlook: Symmetrical triangle breakout
Collection range: RM0.97-1.00-1.05
Upside targets: RM1.12-1.17-1.28
Cut loss: RM0.92

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主题：石油——高油价将持续

据国际能源署称，由于国际制裁因素，俄罗斯近 300 万桶/日的产量可能遭到停产。在这方面，我们注意到石油供应缺口正在扩大，并且不太可能由第三方国家来填补，因为俄罗斯供应了大约 10% 的世界石油以及一些世界石油生产国已经接近耗尽其最大剩余产能。在中断之后，我们认为已经处于数年新低的全球石油库存将持续下去，并推动未来的全球油价进一步的上行。随着油价上涨，上游石油和天然气公司可能会受惠，并扩大产能以赚取利润丰厚的石油收入。我们重申对石油和天然气行业的增持评级，预计 2022 年布伦特原油均价为 85-90 美元。

选股：

HIBISCUS：能源股代表
技术展望：上升三角形形态突破
买入范围：RM1.30-1.35-1.47
上行目标：RM1.60-1.67-1.76
止损：RM1.19

DNEX：科技+石油最佳代表
技术展望：对称三角形形态突破
买入范围：RM0.97-1.00-1.05
上行目标：RM1.12-1.17-1.28
止损：RM0.92

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