Hibiscus Petroleum is poised for a technical breakout, as it is consolidating above the 21-day SMA line while testing the MYR2.85 immediate resistance yesterday. If a breakout happens, forming a “higher high” bullish pattern, the stock may climb higher towards the next resistance at MYR3.20, followed by MYR3.60. Towards the downside, a breach below the MYR2.65 support will negate the bullish setup, forming a “lower low” bearish pattern below the SMA line.

Source: RHB Securities Research - 20 Oct 2023