Perdana Petroleum is poised for a potential technical breakout after once again testing the MYR0.34 mark while reclaiming its position above the 21-day SMA line. Should a breakout occur, the bullish sentiment above that level could propel the stock towards its recent high of MYR0.365, with further potential to reach the MYR0.40 threshold. However, a breach below the MYR0.295 support reverses the momentum, as the counter trades below the SMA and forms a "lower low" bearish structure.

Source: RHB Securities Research - 10 May 2024