Technical outlook – Staging such a significant fall from $7.80, along with the ‘price down’ gaps, the Relative Strength Index (RSI) is now showing some encouragement to recovery since price rebounded from $6.20 and posting a bullish hammer candlestick.

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 $6.20.

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.