Technical outlook – After a savage eight-trading bearish session, with ‘price down’ gaps, the Relative Strength Index (RSI) is extremely oversold.
Therefore, we believe Oil Search Limited (OSH) is in a prime position to stage a sharp turnaround from current levels.
If seen, we assess the potential upside target, may be located towards $7.00-20, before profit-taking is expected to emerge.
The short-term support is viewed from $6.30-40.
Company Overview – Oil Search Limited (OSH) is engaged in the exploration, development and production of oil and gas in Papua New Guinea (PNG). OSH’s main producing operations are Kutubu, Moran, SE Mananda, Gobe and Hides.