Petronas Chemicals is expected to move towards its recent high after breaking away from the immediate resistance level. Premised on strong volumes that moved above the 21-day SMA line from below, this indicates a positive momentum. A positive bias emerged above the MYR7.98 immediate resistance level. Towards the upside, the immediate resistance is pegged at the MYR8.45 level, followed by the MYR8.58 mark. Meanwhile, if the stock breaches below the MYR7.86 level, the likely rebound may not occur.

Source: RHB Securities Research - 30 Apr 2021