Barakah Offshore Petroleum (7251) 

• BARAKAH gained 1 sen or 12.5% to close at RM0.09 on active trading last Friday.
• Last Friday's move also saw the price broke the 3 months resistance level of RM0.08 and moving above its key short term moving average reinforcing bullish signal in anticipation of a rally ahead. Furthermore, we believe the sentiment of the stock is set to improve coupled with recently (Jan17) awarded 5-year contract from Petrofac hence paving for further upside.
• Should it able to break RM0.10, resistance levels are expected at RM0.125 (R1) and further to RM0.135 (R2).
• Meanwhile, support levels can be seen at RM0.055 (S1) and RM0.040 (S2).

Source: Rakuten Research - 28 Jan 2019