Petron Malaysia Refining & Marketing is eyeing to extend the technical rebound after surpassing the resistance on high volume. The counter has climbed above the 21-day SMA line and closed above the MYR4.40 resistance, showing a bullish momentum is in play. Riding on this momentum, we expect a follow-through price action to test the next resistance at MYR4.60, followed by MYR4.80. On the flip side, breaching below the MYR4.25 support resumes the downside movement.

Source: RHB Securities Research - 4 Oct 2024