PERDANA trade ideas
PERDANA - Buy on weakness and sell on rebound/strength ?PERDANA - Current price : RM0.285
PERDANA is bearish in technical view as the price is below 50 and 200 days EMA.
Yesterday 20 November 2024, the company posts stronger 3Q Profit and Revenue. Revenue rose 23% to RM127.25 million, with third-party vessel contributions increasing 27%. Net profit jumped 232% YoY to RM75.80 million, supported by higher vessel utilisation and improved charter rates.
Today 21 November 2024, the stock opened gap up at RM0.310 (rose 8.77% from previous day closing price). The stock were traded between RM0.310 (high) and RM0.280 (low). Finally the stock closed at RM0.285 (unchange from yesterday closing price).
In view of Technical Indicator, there is no buy signal. But here i anticipate to buy at closing price RM0.285 because there is a psychology behind the share price movement. The share price made gap up on the morning session indicates there are some investors view this stock value to buy in higher price. However, the share price didn't sustain at high price and closed at lower indicates that the insiders have sold their shares as they bought early at discounts price.
As a trader, i will buy this stock for short term because once the selling pressure absorbed and become oversold, the stock may bounce and make a rebound to higher price. As such, i will buy at RM0.285 and target to sell at RM0.305 (one bid below today high - profit +7%). My support level will be RM0.270 (cutloss at RM0.265 - loss -7%). So the risk reward ratio will be 1:1.
ENTRY PRICE : RM0.285
TARGET : RM0.305 (+7%)
SUPPORT : RM0.270
CUTLOSS : RM0.265 (-7%)
Notes : The share price bounced at RM0.270 (support level) almost 10 times indicates that the support level is significant.
PERDANA PETROLEUM BERHAD - [PERDANA]Bollinger Bands :
Upper Band: The price recently touched the upper Bollinger Band, indicating that the stock might be overbought in the short term.
Middle Band (SMA): The price is currently above the middle band, which typically acts as a support during an uptrend.
Lower Band: The price has moved away from the lower Bollinger Band, indicating a reversal from recent lows.
Volume Analysis :
There's been an increase in volume on the latest green candlestick, which is a bullish sign, as it suggests strong buying interest.
Previous periods of high volume seem to coincide with significant price movements, which should be monitored for future confirmations of trends.
Price Action :
The recent candlestick pattern shows a strong upward move, closing near the high of the day. This is indicative of bullish sentiment.
The overall trend from February to July has been upward, although there has been some consolidation in recent months.
Support and Resistance Levels :
Support: Around MYR0.420, where the price previously found support.
Resistance: Around MYR0.510, which corresponds to the upper Bollinger Band and previous highs.
Trend Direction :
Short-Term: The recent bullish candlestick and increasing volume suggest a possible continuation of the uptrend in the short term.
Long-Term: The longer-term uptrend appears intact, with the potential for further gains if the price can sustain above the moving averages.
Conclusion:
The stock is currently exhibiting bullish characteristics with the potential for further upward movement, especially if it can break through the resistance around MYR0.510. However, caution is advised as the price is near the upper Bollinger Band, which may lead to a short-term pullback.
