Rakuten Trade Research Reports

Technical View - Petronas Chemical Group Bhd (PCHEM, 5183)

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Publish date: Fri, 16 Aug 2019, 09:44 AM
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Petronas Chemical Group Bhd (5183)

  • PCHEM inched up 0.97% or 7 sen to RM7.31 yesterday.
  • Following the announcement of its financial results, we believe the sell down has been overdone. With key momentum stochastics indicator showing oversold signals and upward movement on RSI, we expect share price to stage a technical rebound.
  • As such, resistance levels are identified at RM7.65 (R1) and further to RM7.80 (R2).
  • On the flipside, support levels are found at RM7.20 (S1) and RM7.10 (S2).

Source: Rakuten Research - 16 Aug 2019

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