RHB Research sees Perisai testing RM1.04 in short term (0047)

KUALA LUMPUR: RHB Research
Institute expects more upside for Perisai Petroleum and expects the
stock price to retest its all-time high of RM1.04 in the short term.
It
said on Tuesday the technical outlook for the share price was based on
the convincing breakout above the triangle formation in early August.
"Given
the positive medium-term outlook, we are maintaining our view that the
stock's price would continue to advance towards the next projected
levels of RM1.26 and RM1.40 over the medium term," it said.
RHB
Research advised investors to continue accumulating within the region
of 93-96 sen on expectations of further upside over the medium term.
On
the downside, it noted that the breaching of the 88 sen support would
turn the overall outlook negative. Thus, investors should strictly cut
loss below 88 sen.
"Overall, we see a compelling risk-to-reward
ratio for investors with a theoretical entry price of 95 sen given the
limited downside risk of 7 sen from the cut loss level of 88 sen
compared to an upside of 31 sen and 45 sen to the resistance of RM1.26
and the projected level of RM1.40 respectively," said RHB Research.