KUALA LUMPUR (Feb 25): RHB Retail Research said Carimin Petroleum Bhd is set to rebound towards the recent high after it bounced and breached the 83.5 sen resistance on Thursday, pushing above the 21-day average line with significant volume.

In a trading stocks note on Friday (Feb 25), the research house said if the stock manages to stay above that level, the bullish bias may continue to drive the stock towards the recent high of 95.5 sen, followed by the next resistance level of RM1.25.

“In the event it drops below the 75 sen support, the bullish momentum may fade away and cause the stock to head south,” it said.