Carimin Petroleum Bhd

• CARIMIN may trend higher after it gapped up and broke out from pennant pattern two sessions ago. The stock has posted 4 consecutive white candles backed by supportive technical readings in RSI and EMAs. In view of the 20-day EMA and 50-day EMA are converging and likely to confirm a bullish crossover soon, this has enhanced the near-term positive momentum.

• We expect the positive momentum to steer the stock higher and test the next resistance level of RM0.95 (R1), followed by RM1.00 (R2) in near term.

• On the downside, stop-loss is set at RM0.81.
  

Source: Rakuten Research - 17 Apr 2024

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