Petron Malaysia Refining & Marketing is poised to move higher after bouncing off its support level to hit the MYR7.43 immediate resistance last Friday, supported by strong trading volume. If bullish momentum persists, and it breaches the immediate resistance, the stock may rise towards the MYR8.00 threshold, followed by MYR8.39. However, if it falls below the MYR6.70 support level, it may reverse in trend to move below the 21-day average line.

Source: RHB Securities Research - 7 Jun 2022