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Petra Perdana 7108 shares remain trapped within a major downtrend channel from the RM6.40 peak in July last year, plunging to the lower band on a recent selldown to low of RM1.12 on 29 Oct prior to a technical rebound. The positive daily MACD signal supports upside bias towards RM1.80 (IT), with higher upside targets probable in the medium-term. Immediate support is seen at RM1.50 (IS) to limit downside risk.
Support 1 .......... RM 1.59
Support 2 .......... RM 1.55
Support 3 .......... RM 1.50
Cutloss...... ......... RM 1.40
Resistance 1 RM 1.80
Resistance 2 RM 2.35
Resistance 3 RM 2.70
Upside Target 1 RM1.80
Target 2 RM2.10
Target 3 RM2.35
Target 4 RM2.70
TRADING BUY ON DIP / SUPPORT TOWARDS TARGET #1 RM1.80 AND HIGHER
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