Hibiscus Petroleum has firmed up its uptrend reversal after propelling above the MYR1.06 breakout level on surging trading volume. Coupled with the “White Marubozu” bullish candlestick yesterday, the bulls are set to propel the stock towards the MYR1.15 resistance, followed by the MYR1.25 next resistance. However, falling below the MYR1 support would indicate a downtrend, with a “lower low” bearish pattern being formed, while the stock trades below the 21-day SMA line.

Source: RHB Securities Research - 14 Sept 2023