Petronas Chemicals Group consolidated and touched the RM8.75 support level. With its 21-day moving average in an uptrend, there is a good chance that it would experience a technical breakout and head towards the short-term target price of RM9.06, followed by RM9.32. The downside support is marked at RM8.40. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy near RM8.75

Target: RM9.06, RM9.32 (time frame: 2-4 weeks)

Exit: RM8.40
 

Source: AmInvest Research - 20 Oct 2021