Petronas Chemical Group is poised to extend its technical rebound after it climbed above the 21-day SMA line while breaching the resistance level yesterday. If it remains above MYR8.01 – the resistance-turned-support level – the renewed bullish momentum would propel the stock towards the next resistance levels pegged at MYR8.45 and MYR9.00. This expectation will be void if it drops below the MYR7.85 support level.

Source: RHB Securities Research - 29 Jun 2021