Petronas Dagangan's share price has fallen since early May, and has so far gone from the all-time high of RM31.47 on Dec 30, 2013 to RM18.62 at 3.15pm on Thursday, July 17.
KUALA LUMPUR: Petronas Dagangan Bhd's share price has continued to fall since the major breakdown in early May from the all-time high of RM31.47 on Dec 30, 2013.
A technical chartist said the share price had cracked the 50% retracement floor price and the next probable support would be the 61.8% retracement level at RM16.
He said the share price would likely to stabilise around the RM16 level.
"If it is unable to hold on to that level, it would see a full retracement back to the RM6.30 level in 2007," he said.
Petronas Dagangan's share price had surged from RM6.30 in September 2008 and gathered momentum to hit the all-time high of RM31.37 on Dec 30, 2013. Based on the charts, volume is thinning from the start of the major breakdown in the share price when there were 6.2 million shares traded on May 6.
At 3.15pm on Thursday, Petronas Dagangan was down 32 sen to RM18.62. There were 657,900 shares done at prices ranging from RM18.60 to RM19.
The sharp fall in Petronas Dagangan's share price has also been a drag on the 30-stock FBM KLCI.
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