Petron Malaysia rises 1.96% on positive technicals

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KUALA LUMPUR (Sept 4): Shares in Petron Malaysia Refining & Marketing Bhd (Petronm) rose 1.96% at mid-morning today following a positive technical outlook on the stock.

At 10.10am, Petronm added 17 sen to RM8.84 with 141,400 shares traded.

AllianceDBS Research said Petronm had on Sept 3 crossed over the RM8.72 hurdle to reach an intraday high of RM8.95 before closing at RM8.67 (up 17 sen or 2.00%).

In its evening edition Monday, the research house said Petronm continued to trade above the 20-day (blue) and 50-day (red) moving average lines.

“Following the up close on Sept 3, the stock is likely to move higher with immediate hurdle at RM8.72.

“A crossover of RM8.72 again should see further price rise to the next overhead resistance zone, RM9.00 – RM9.25.

“The support is pegged at RM8.33. A fall below RM8.33 would put pressure on the stock down to the subsequent support zone, RM8.00 – RM8.10,” it said.

AllianceDBS Research said stock volume traded on Sept 3 was 870,000 shares compared to the 3-month average volume of 160,000 shares.