Petra Energy is expected to propel higher after climbing above both the MYR0.99 immediate resistance on strong trading volume, and the rising 21-day SMA line. If it remains above that level, the positive momentum may take the stock towards the MYR1.08 recent high, before rising towards the MYR1.13 next resistance. In the event it falls below the MYR0.94 support, this expectation would be cancelled.
Source: RHB Securities Research - 12 Jan 2024
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