Technicals | Feb 03 2011
This story features SANTOS LIMITED. For more info SHARE ANALYSIS: STO
By Rudi Filapek-Vandyck
Shares in gas producer Santos ((STO)) have regained some positive momentum in the past sessions and it hasn't escaped the TechWizard that yesterday the shares closed near $14. This is an important price level, explains the Wizard, because it marks the upper end of Santos' recent trading range.
While it can be expected that heightened tensions in the Middle East will keep a positive bias under the price of crude oil, Santos shares still have to do some extra work before the Wizard can truly turn positive.
He says that a weekly break-out above $14 would signal the shares are genuinely ready to rally higher. This makes today (Friday) a potentially important session. If Santos shares manage to close above $14, the Wizard reports the next target will shift to $14.50.
The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au. All views expressed are the TechWizard's, not FNArena's (see our disclaimer).
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For more info SHARE ANALYSIS: STO - SANTOS LIMITED
