Petron Malaysia Refining & Marketing’s buying momentum is back after it broke out of the 3-week bullish pennant pattern with a long white candle on Friday. With the stock pushing near its all-time high, supported by its rising EMAs, this likely indicates that the bullish momentum may be picking up. A bullish bias may emerge above the RM7.00 level, with a stop-loss set at RM6.58, below 2 June’s low. Towards the upside, the near-term resistance level is seen at RM8.00, followed by RM8.50.

Entry : RM7.00–7.39

Target : RM8.00, RM8.50

Exit : RM6.58

Source: AmInvest Research - 7 Jun 2022