Carimin Petroleum Berhad (5257) on 6.2.2019

Carimin has increased to RM0.845 recently. RM0.47 is strong support, the price did not test this support line and it breaks the RM0.65 resistance line with high volume. This is a good sign. Short term trader will be able to grab the stock once it breaks the RM0.65 resistance line. Since the price has increased to RM0.845, we won’t know what is next price until the chart forms. With the recent market sentiment, it will be best to wait until the chart forms rather than rush in to buy.

Author: Gerald Koh