Petronas Chemicals Group has rebounded from its low to test the immediate resistance level of RM7.40. With a rising RSI, a bullish bias may be present above this mark with a target price of RM7.80. Meanwhile, it may continue moving sideways if it fails to cross the RM7.40 mark in the near term. In this case, the immediate support is anticipated at RM7.12, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM7.40

Target: RM7.80 (time frame: 3-6 weeks)

Exit: RM7.12

Source: AmInvest Research - 19 Dec 2019