Chemoil: CIMB note that looking at Bloomberg data, Chemoil’s historical valuations appear to be in line with peers. But the gain in the share price suggests that the market believes Glencore is pining to take Chemoil private.
Technically, the stock broke out above its key resistance zone of $0.31-0.365 last wek. Strong rising vol suggests that the breakout is genuine and is likely to take prices higher. However, the breakout has taken its indicators into overbought levels, which might prompt some investors to take profits. Nevertheless, the trend is still up, targeting $0.515 and possibly even $0.585.
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