Carimin Petroleum is set to propel northwards as it broke above the MYR0.63 resistance yesterday on improved trading volume. If it manages to stay above that level, the bullish bias above that level may propel the stock higher towards the MYR0.70 threshold, followed by MYR0.75. Conversely, the counter may reverse its direction if it falls below the MYR0.60 support, forming a “lower low” bearish structure below the average line.
Source: RHB Securities Research - 28 Dec 2022