Carimin Petroleum is in the midst of extending the 1-year high, eyeing to chart a fresh “higher high” bullish pattern. Since crossing above the 21-day SMA line, the stock has been charting a series of “higher high” with “higher lows”, showing that a strong bullish momentum is underway. The counter should breach the MYR0.78 immediate resistance and then test the next resistances pegged at MYR0.835 and MYR0.87. Conversely, falling below the MYR0.72 support dents market sentiment and unveils the correction phase.

Source: RHB Securities Research - 13 Jul 2023