Carimin Petroleum surged past the resistance level of RM1.42 in the latest session. With the momentum indicator RSI above 60%, the bullish momentum may continue and move towards target prices of RM1.52 and RM1.66. If it dips below RM1.42, it will move sideways for further consolidation. Meanwhile, the immediate support is anticipated at RM1.28, whereby traders may exit on a breach to avoid the risk of a further consolidation.

Trading Call: Buy on continuation above RM1.42

Target: RM1.52, RM1.66 (time frame: 3-6 weeks)

Exit: RM1.28

Source: AmInvest Research - 18 Nov 2019