Carimin Petroleum’s buying momentum is back after it broke out of the 4-week bullish rectangle pattern with another white candle on Wednesday. A new 52-week high coupled with rising EMAs could mean additional upside strength may be present in the near term. A bullish bias may emerge above the RM0.93 level, with stop-loss set at RM0.85, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM1.00, followed by RM1.10.

Entry : RM0.93–0.945

Target : RM1.00, RM1.10

Exit : RM0.85

Source: AmInvest Research - 29 Sept 2023