Petra Energy gains 2.22% on positive technical outlook

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KUALA LUMPUR (Oct 10): Petra Energy Bhd rose 2.22% at mid-morning today, on the back of a positive technical outlook on the stock.

At 10.08am, Petra Energy added 3 sen to RM1.38, valuing it at RM444.02 million.

RHB Retail Research said Petra Energy may climb higher after posting a white candle and hitting its new 52-week high.

In a trading stocks note today, the research house said as the 21-day simple moving average (SMA) line is likely to turn higher, the bullish sentiment has been enhanced.

"A positive bias may emerge above the RM1.30 level, with an exit set below the RM1.20 threshold.

"Towards the upside, the immediate resistance is at the RM1.45 mark. This is followed by the RM1.50 threshold," it said.