Petron Malaysia Refining & Marketing is set to resume its uptrend movement as it climbed above the immediate resistance of MYR4.84 on improved trading volume – forming a “higher high” bullish structure. The uptrend which started on 4 Apr may persist until the stock reaches the MYR5.15 YTD high, before marking the next resistance point of MYR5.43. Conversely, the stock may reverse direction if it falls below the MYR4.68 support, as it forms a “lower low” bearish structure below the 21-day average line.

Source: RHB Securities Research - 22 Apr 2022