Perdana Petroleum may soon test the RM0.385 resistance level. With a rising RSI above 50%, a bullish bias may be present above this mark with a short-term target price of RM0.41 and RM0.425. Meanwhile, it may continue moving sideways if it fails to cross the RM0.385 mark in the near term. In this case, the downside support is anticipated at RM0.35, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM0.385
Target: RM0.41, RM0.425 (time frame: 3-6 weeks)
Exit: RM0.35

Source: AmInvest Research - 24 Dec 2019