KUALA LUMPUR (Oct 5): AllianceDBS Research said the buying volume for Petron Malaysia Refining & Marketing Bhd (Petronm) had expanded and that Petronm had on Oct 4 tested the RM4.28 hurdle before settling at RM4.13 (up 13 sen or 3.25%).

In its evening edition yesterday, the research house said a crossover of the RM4.28 hurdle would likely see Petronm trading upward with the next upside target pegged at RM4.55 and RM4.75.

It said risk taking traders could establish a buying position at RM4.06 on a small pullback.

“Once a buying position is established, a stop loss at RM3.99 level must be placed for risk capital protection, and this RM3.99 is to be followed by a trailing stop loss strategy.

“If you are prepared to take a trading loss risk of RM70 (excluding brokerage) for RM490 – RM690 potential profit, you may acquire 1,000 shares with a capital amount of RM4,060 assuming buying order is filled at RM4.06,” it said.