Why Oil Search (OSH) could be under pressure here

by Michael Gable

The share price of OSH has been fairly stagnant for the last month but then last week we saw it break down on higher than average volume. It has tried to head higher the last few days but it has been unable to get back to where it was in June. Before that breakdown, there was a sell signal triggered on the RSI (circled). This sell signal can also be seen on a weekly chart, not just a daily. This means that there is a good probability that OSH will drift lower from here. We have support just under $9, but levels closer to $8.60 are a possibility before we see the buying come back in. 


Disclaimer: Michael Gable is an Authorised Representative (No. 376892) and Fairmont Equities is a Corporate Authorised Representative (No. 444397) of Novus Capital Limited (AFS Licence No. 238168). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.

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