Stock Picks Of The Day – Carimin Petroleum, Sunsuria

photo credit: Upstream Online

The uptrend on Carimin Petroleum may be extended after it rebounded strongly above the 21-day SMA line, while heading towards the MYR0.95 immediate resistance on surging trading volume.

RHB Retail Research, in a note today (Jan 26), said if a breakout occurs, the stock should test the next resistance pegged at MYR1, followed by MYR1.12.

If it drops below the MYR0.87 support, this would negate the bullish setup.

Sunsuria is poised for a technical rebound after bouncing off the immediate support and testing the immediate resistance level of MYR0.51 during the latest session.

If a breakout above that level happens, the stock may trend upwards further towards RM0.58, followed by the next resistance point of RM0.62, which is also the 4-month high.

On the other hand, falling below the MYR0.475 support would turn its direction into a downtrend.

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