Trading in SKPETRO was inspired by the positive news from the press for its Brazil venture into more regional projects yesterday. The technical uptrend has been promising as the share price has broken out above the 100-day SMA and violated the 61.8% Fibonacci resistance before it closed @RM4.00 (+15.0 sen) yesterday. Furthermore, the recent surge of the buying volume coupled with bullish indicators may support the continuation of the uptrend. Should the share price manage to overcome the record-high price @RM4.50 in the coming weeks, we reckon it may potentially beat a path towards RM4.80, and RM5.00 next. 

 

Source: Kenanga