Perdana Petroleum has rebounded from its low to test the immediate resistance level of RM0.345. With a rising RSI, a bullish bias may be present above this mark with target prices of RM0.38 and RM0.415. Meanwhile, it may continue moving sideways if it fails to cross the RM0.345 mark in the near term. The immediate support is anticipated at RM0.31, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM0.345

Target: RM0.38, RM0.415 (time frame: 3-6 weeks)

Exit: RM0.31

Source: AmInvest Research - 11 Oct 2019