We expect further upside for Perdana Petroleum after it posted a long white candle and hit a new multi-year high a few sessions ago. The stock’s move above the RM0.20 and RM0.22 resistances indicates that the near term bullish trend may persist. A bullish bias may emerge above the RM0.21 level, with stop-loss set at RM0.19, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM0.25, followed by RM0.28.

Entry : RM0.21–0.23

Target : RM0.25, RM0.28

Exit : RM0.19

Source: AmInvest Research - 28 Aug 2023