Petra Energy surged past the resistance price of RM0.84 in its latest session with higher trading volume. With the momentum indicator RSI above 60%, the short-term momentum could reach the target price of RM0.915, followed by RM0.965. If it dips below RM0.84, it will move sideways and consolidate. Support price is anticipated at RM0.79 whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on continuation above RM0.84

Target: RM0.915, RM0.965 (time frame: 3-6 weeks)

Exit: RM0.79

Source: AmInvest Research - 6 Sept 2019