Perdana Petroleum broke out from a 3-week bullish pennant pattern yesterday, implying that its previous uptrend may have resumed. The stock pushing near its all-time high and supported by rising EMAs likely indicates that upward momentum may be picking up. A bullish bias may emerge above the RM0.275 level with stop-loss set at RM0.25, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM0.32, followed by RM0.34.

Entry : RM0.275–0.285

Target : RM0.32, RM0.34

Exit : RM0.25

Source: AmInvest Research - 21 Feb 2024