Perdana Petroleum is eyeing a breakout to attempt extending its upside movement. Lately, we observed the stock moving sideways with high trading volume. If the MYR0.21 immediate resistance mark is breached, it should attract a follow-through momentum and climb towards MYR0.24, followed by MYR0.27. On the flip side, breaking below the MYR0.175 support threshold would nullify our expectation.
Source: RHB Securities Research - 7 Mar 2023
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