Carimin Petroleum broke out from its 2-week bullish rectangle pattern yesterday, implying that its previous uptrend may have resumed. A new 52-week high coupled with its rising EMAs, additional upside strength may be present in the near term. A bullish bias may emerge above the RM0.84 level, with a stop-loss set at RM0.79, below the 20-day EMA. Towards the upside, the nearterm resistance level is seen at RM0.95, followed by RM1.00.

Entry : RM0.84–0.895

Target : RM0.95, RM1.00

Exit : RM0.79

Source: AmInvest Research - 8 Aug 2023