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Rakuten Trade Research Reports

Author: rakutentrade   |   Latest post: Thu, 20 Jun 2019, 9:15 AM

 

Technical View - Hibiscus Petroleum Bhd (HIBISCS, 5199)

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Hibiscus Petroleum Bhd (5199)

  • HIBISCS closed 1 sen or 0.92% higher to RM1.09 last Friday.
  • Technically, HIBISCS is trending above the key simple moving averages while the key momentum indicator also showing an oversold signal, indicating potential upside for the share price.
  • With OPEC’s indication to likely maintain production cuts, we believe overall sentiment remains positive hence supporting HIBISCS’s share price to trend higher.
  • As such, resistance levels are identified at RM1.13 (R1) and further to RM1.22 (R2). • On the flipside, support levels are expected at RM1.00 (S1) and RM0.90 (S2).

Source: Rakuten Research - 21 May 2019

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Labels: HIBISCS

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Chart Stock Name Last Change Volume 
HIBISCS 1.07 +0.01 (0.94%) 18,465,900 

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