Petra trended higher in recent trading. The share price of Petra rallied steeply higher in May 2009, when it surpassed the key RM1.78 resistance level. However, as the stock congested sideways at around RM2.40 – RM3.00 for the next six months, its uptrend momentum disappeared and the stock plunged to below the RM2.40 level again in Nov 2009. It fell off the RM1.78 level and stayed within the RM1.20 low to RM1.78 region thereafter. In recent trades however, the stock trended higher and surpassed the 10-day and 40-day SMAs, before closing at RM1.45 after touching a high of RM1.48 on Friday.
Petra Perdana Berhad: The Smooth Recovery May Lead To A Retest Of RM1.78 Soon…-05/04/2010
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