Carimin Petroleum jumped and tested the RM0.74 resistance level. With its RSI indicator in an uptrend, coupled with higher trading volume, we see a possibility for a technical breakout. If this happens, we expect it to move towards the short-term target prices of RM0.78 and RM0.81. The downside support is projected at RM0.685. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM0.74

Target: RM0.78, RM0.81 (time frame: 2-4 weeks)

Exit: RM0.685

Source: AmInvest Research - 6 May 2021