Perdana Petroleum Bhd (PERDANA, 7108)

• PERDANA is poised for a potential bullish breakout from its seven-week rectangular pattern,targeting to surpass the immediate resistance at RM0.355. In view of the stock bouncing off the 20- day EMA and hitting a 52-week high, we believe the stock has a decent opportunity to experience the breakout.

• In the event if it breaks above the RM0.355 neckline, this will improve interests and lift the stocktowards the subsequent level of RM0.38 (R1), followed by RM0.40 (R2).

• On the downside, stop-loss is set at RM0.30.
  

Source: Rakuten Research - 16 May 2024

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