Symbol: Penergy Stock Code: 5133 Price: RM1.53
below: Petra Energy Daily Chart (click to enlarge)
Earlier this month, PENERGY broke above its downtrend channel resistance amid high volume. Initially, we were somewhat apprehensive on whether or not the bullish move would be a flash in the pan. However, the share price has proven us otherwise with its sheer resilience against the broader market which has succumbed to profit taking activities in recent days.
So long as the share price continues to hold above the RM1.40 resistance-turned support; we reckon that there is a good chance that the share price may be on track for a bullish trend reversal. The 20-day SMA has also completed a “Golden Crossover” with the 50-day SMA, and we now look toward a retest of the RM1.55 resistance.
Should this RM1.55 resistance be taken out, PENERGY could potentially advance towards RM1.70 and possibly RM1.94 next.
by Kenanga Research
Petra Energy is engaged in the oil and gas industry.