Hibiscus Petroleum inched above the RM0.995 level in its latest session. With a moderate RSI level, a bullish bias may be present above this point with a target price of RM1.06, followed by RM1.11. Meanwhile, it may continue drifting sideways if it falls back below the RM0.995 mark in the near term. In this case, support is anticipated at RM0.925 whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on further rebound RM0.995

Target: RM1.06, RM1.11 (time frame: 3-6 weeks)

Exit: RM0.925

Source: AmInvest Research - 12 Feb 2019