Perdana Petroleum broke out from its 1-month bullish pennant pattern a few candles back, implying that its previous uptrend may have resumed. With the stock cracking above the RM0.20 psychological mark and pushing near its 52-week high yesterday, a positive outlook can be expected here. A bullish bias may emerge above the RM0.20 level, with a stop-loss set at RM0.18, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM0.23, followed by RM0.25.

Entry : RM0.20–0.205

Target : RM0.23, RM0.25

Exit : RM0.18

Source: AmInvest Research - 8 Mar 2023