KUALA LUMPUR (April 17): RHB Retail Research said Carimin Petroleum Bhd is set for an uptrend reversal after staging a bullish breakout above the RM0.88 resistance on Tuesday — coupled with strong trading volume.

In a trading stocks note on Wednesday, the research house said that the stock has rebounded above the 21-day simple moving average line, solidifying its uptrend towards the next resistance at the recent high of 95 sen, followed by the RM1 mark.

“On the flipside, falling below the 85 sen support will negate the bullish setup,” it said.