Petra Energy shot up and formed a long white candle in its lastest session. With an RSI level above 60%, it may continue to move higher above the resistance price of RM1.15. If this happens, the short-term target price will be RM1.27 followed by RM1.38. Since the white candle range is wider, we set the nearest support at RM1.04, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on uptrend continuation above RM1.15

Target: RM1.27, RM1.38 (time frame: 3-6 weeks)

Exit: RM1.04

Source: AmInvest Research - 5 Apr 2019