Carimin Petroleum crossed above the RM0.31 level in its latest session. With the RSI level at 70, it may move higher above this mark with a target price of RM0.355, followed by RM0.385. Meanwhile, it may drift sideways if it falls back below the RM0.31 mark in the near term. In this case, support is anticipated at RM0.27 whereby traders may exit on a breach to avoid the risk of a further correction.
Trading Call: Buy on favourable consolidation above RM0.31
Target: RM0.355, RM0.385 (time frame: 3-6 weeks)
Exit: RM0.27
Source: AmInvest Research - 6 Dec 2018
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