KUALA LUMPUR (Oct 6): AllianceDBS Research said Petron Malaysia Refining & Marketing Bhd (Petronm) was taking a breather and that Petronm had on Oct 5 traded within previous day’s range to form an inside day bar before closing at RM4.17 (up 4 sen or 0.96%). “Following the up close on Oct 5, the stock is likely to move higher with immediate hurdle seen at RM4.28. A fall below RM4.09 would put pressure on the stock down to the subsequent support at RM4.00,” it said. AllianceDBS Research said stock volume traded on Oct 5 was 70,000 shares compared to the 3-month average volume of 120,000 shares. The research house said that indicators wise, the MACD was marginally above the 9-day moving average line with a buy signal just being emitted.

Source: The Edge Markets October 05, 2016 21:56 UTC