Petron Malaysia Refining & Marketing is poised to resume its strong bullish momentum as it attempted to hit the MYR6.16 recent high before retracing partially yesterday. If the momentum re-emerges and surpasses that level, the stock is expected to propel further towards the MYR6.75 resistance (Dec 2020 high), followed by the MYR7.50 next resistance. However, the positive momentum may dissipate if it falls below the MYR5.70 support level (last Thursday’s opening level) as it cancels Thursday’s strong positive momentum.

Source: RHB Securities Research - 10 May 2022