Crude oil prices reached close to 2014 peaks after the OPEC+ group of producers stuck to its planned output increase rather than pumping even more crude on Tuesday.
Numerous natural events happening across the globe (a freak winter freeze in Texas, lightning strike in Louisiana and hurricanes along the Gulf Coast) have conspired to disrupt production and raise prices of essential chemicals.
Sinopec (0386.HK) being a crude oil and chemical producer is likely to be a beneficiary of rising crude oil and chemical prices.
The stock has since broken out from 3-Year Downtrend!
Last done at 4.06.
Next target 4.09
Second Target: 4.37
Third Target: 4.70
Stop Loss: 3.70
All posts and charts are for educational and illustration purposes only