Hibiscus Petroleum printed a long white candle to breach the RM1.05 mark in its latest session. With a rising RSI level, a bullish bias may be present above this point with a target level of RM1.11 followed by RM1.16. Meanwhile, it may drift sideways if it falls back below the RM1.05 mark in the near term. In this case, support is anticipated at RM1.00 whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy upon breakout above RM1.05

Target: RM1.11, RM1.16 (time frame: 3-6 weeks)

Exit: RM1.00

Source: AmInvest Research - 29 May 2019