RHB Retail Research
Trading Stocks - Petra Energy
Petra Energy may rebound higher after it continued holding above the MYR1.26 support. Given that the stock has formed a “Hammer” pattern on 21 Oct, this indicates a potential rebound. A positive bias may emerge above the MYR1.40 level, with an exit set below the MYR1.26 threshold. Towards the upside, the immediate resistance is at the MYR1.58 mark. This is followed by the MYR1.70 level.
Source: RHB Securities Research - 24 Oct 2019
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