Perdana Petroleum retreated after failing to break above the resistance level of RM0.44. With an RSI above 50%, its uptrend momentum may resume if it crosses above the resistance level with higher trading volume. In this case, its short-term target price will be RM0.505 followed by RM0.565. Support is anticipated at RM0.38, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM0.44

Target: RM0.505, RM0.565 (time frame: 3–6 weeks)

Exit: RM0.38

Source: AmInvest Research - 24 Apr 2019