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