Petron Malaysia Refining & Marketing is set to chart a major uptrend rebound since persisting with its positive momentum yesterday amid the recent MYR4.45 breakout. Riding on the uptrend reversal above the 21-day average line, the stock may surge towards the MYR4.70 mark, followed by the MYR4.95 threshold, ie 2 Nov 2022’s high. However, the counter may move downwards if it drops below the MYR4.39 support, as it heads to trade below the short-term average line besides negating the recent breakout level.

Source: RHB Securities Research - 17 Jan 2023