Carimin Petroleum is eyeing to extend the upside movement, after it staging a breakout on the back of high volume. The stock breached the MYR0.72 resistance and charted a “higher high” bullish candlestick. Meanwhile, trading volume has increased in tandem with the share price, showing strong momentum is in play. Riding on this momentum, the stock should rise towards MYR0.78, followed by MYR0.835. On the flipside, falling below the MYR0.695 support will negate the bullish setup.

Source: RHB Securities Research - 26 Jun 2023