Rakuten Trade Research Reports

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

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Publish date: Tue, 10 Sep 2019, 06:36 PM
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Petronas Chemicals Group Bhd (5183)

  • PCHEM rose 1.7% or 12 sen to RM7.00 last Friday.
  • PCHEM which has seen its share price dropping 23% year-to-date has recently rebounded from its 52-week low level with positive white candle. RSI has just bounced off from oversold region, suggesting renewed buying interest and hence likely to see the rebound to continue.
  • Should it break the crucial RM7.00 level, next resistance levels are found at RM7.08 (R1) and further to RM7.30 (R2).
  • Conversely, support levels are expected at RM6.77 (S1) and RM6.69 (S2).

Source: Rakuten Research - 10 Sept 2019

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