OSK Research said the share price of Petra Perdana has been drifting lower on relatively low volume over the last three months.
In its technical outlook issued on Tuesday, Sept 28, it said the stock is approaching a major low situated at the RM1.03 level, below which the stock will reach its multi-year low.
“Should the RM1 psychological mark be violated, we would have to trace all the way back to 2003 to look for the next support levels,” it said.
OSK Research said at below the RM1 level, the RM0.93 and RM0.74 level are the next support. To the upside, there is immediate resistance at the RM1.20 level, followed by the RM1.45-RM1.50 area. Both the immediate and mid-term technical outlooks of Petra Perdana are now firmly bearish.
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