Perdana Petroleum was testing the RM0.29 level during its intraday high. With a neutral RSI level, a bullish bias may be present above this mark with a target price of RM0.31, followed by RM0.34. Meanwhile, it may turn sideways if it fails to cross the RM0.29 mark in the near term. In this case, the immediate support is anticipated at RM0.265, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on further rebound above RM0.29

Target: RM0.31, RM0.34 (time frame: 3-6 weeks)

Exit: RM0.265

Source: AmInvest Research - 19 Nov 2018