Perdana Petroleum’s buying interest is back after it broke out of the 1-month bullish flag pattern two sessions ago. With the stock posting another white candle and closing near its 52-week high, the bullish momentum may be present now. A bullish bias may emerge above the RM0.13 level, with a stop-loss set at RM0.115, below the 50-day EMA. Towards the upside, the nearterm resistance level is seen at RM0.16, followed by RM0.18.

Entry : RM0.13–0.14

Target : RM0.16, RM0.18

Exit : RM0.115

Source: AmInvest Research - 27 Jan 2023