Petronas Chemicals is likely to form a technical breakout, as it bounced higher towards the immediate resistance of MYR9.26 last Friday. If a breakout happens above that level – printing a “higher high” bullish pattern, the bulls may drive the stock towards the next resistance level of MYR9.78, followed by MYR10.20. Conversely, falling below the immediate support of MYR8.98 will trigger the resumption of a downward correction – below the 21-day average line.

Source: RHB Securities Research - 14 Feb 2022