Perdana Petroleum Stock Code 7108 RM1.36
below: Perdana Petroleum Daily Chart (click to enlarge):
We had been reasonably successful in our timing of PERDANA's shares previously. In our report dated 21 November, we recommended that traders buy into the stock at 99 sen, and we were able to time the subsequent exit close to the January peak RM1.17 and RM1.25. As a result, we registered a gain of 18-26%. Barely weeks later, we again recommended that traders look to buy lower atRM1.13, with a target price of RM1.30 (immediate resistance level). This target price was also met recently for a decent 15% gain.
Yesterday, PERDANA's technical picture has once again given off a buy signal when the share price broke above the crucial RM1.30 resistance level. The share price rose 7 sen to settle at RM1.36. Trading volume was slightly higher, and we believe the share price is on an uptrend resumption towards RM1.48, and possibly RM1.60 next. The technical indicators are bullish, though the main caveat would be the RSI which has just reached overbought levels.
by Kenanga Research
The Company is principally involved in the supply of engineered equipment for the oil and gas, petrochemical and other heavyindustries and provides day-to-day administrative and management services to its subsidiaries. The subsidiaries are principally engaged in integrated engineering and maintenance services, equipment packaging, fabrication of processed equipment, supply of engineered equipment and information technology services to cater for the oil and gas, petrochemical and other heavy industries.