Petra Energy formed a long white candle, indicating that the momentum of buying could be strong. This close has sent the stock to its new 52-week high, thereby enhancing the positive sentiment. A positive bias may emerge above the MYR1.56 level, with an exit set below the MYR1.38 threshold. Towards the upside, the immediate resistance is at MYR1.80. This is followed by the MYR2.00 level.

Source: RHB Securities Research - 12 Nov 2019