Petra Energy surged past the resistance price of RM1.21 in its latest session with higher trading volume. With the momentum indicator RSI above 60%, the short-term momentum could reach a target price of RM1.29, followed by RM1.34. If it dips below RM1.21, it will continue to move sideways and consolidates. Support is anticipated at RM1.15 whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on continuation above RM1.21
Target: RM1.29, RM1.34 (time frame: 3-6 weeks)
Exit: RM1.15

Source: AmInvest Research - 4 Oct 2019