Petronas Chemicals Group shot up and formed a long white candle in its lastest session. With an RSI level above 50%, it may continue to climb above the resistance price of RM7.30. If this happens, its short-term target price will be RM7.50 followed by RM7.90. If it fails to cross RM7.30, expect a sideway movement. Support price is anticipated at RM6.90, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM7.30

Target: RM7.50, RM7.90 (time frame: 3-6 weeks)

Exit: RM6.90

Source: AmInvest Research - 12 Sept 2019