CHINA PETROLEUM & CHEM-ADR (SNP)

Support/Resistance Analysis

• A support zone ranging from 43.67 to 44.19. This zone is formed by a combination of multiple trend lines in the daily time frame.
• Support @42.69 from a horizontal line in the weekly time frame.
• A support zone ranging from 41.83 to 41.84. This zone is formed by a combination of multiple trend lines in the daily time frame.

• A resistance zone ranging from 45.84 to 46.73. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
• A resistance zone ranging from 47.81 to 47.82. This zone is formed by a combination of multiple trend lines in the daily time frame.
• A resistance zone ranging from 48.62 to 48.62. This zone is formed by a combination of multiple trend lines in multiple time frames.
• Resistance @53.69 from a trend line in the weekly time frame.
• A resistance zone ranging from 55.02 to 55.60. This zone is formed by a combination of multiple trend lines in multiple time frames.

Setup Analysis

Although the technical rating is bad, SNP does present a nice setup opportunity. Prices have been consolidating lately and the volatility has been reduced. There is a support zone below the current price at 44.19, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for SNP in the last couple of days, which is a good sign.

• Behavior of large players is measured by the Effective Volume indicator. This indicator inspects the 1 minute timeframe looking for high volume transactions.