Carimin Petroleum surged to a new multi-year high with a long white candle 2 sessions ago, which likely indicates the return of buying interest. The stock’s move above the RM0.95 resistance coupled with rising EMAs, implies that near term upward momentum may persist. A bullish bias may emerge above the RM0.95 level, with stop-loss set at RM0.89, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM1.10, followed by RM1.20.

Entry : RM0.95–0.98

Target : RM1.10, RM1.20

Exit : RM0.89

Source: AmInvest Research - 31 Jan 2024