Hibiscus Petroleum shot up and formed a long white candle in its lastest session, with a higher trading volume. As the RSI level stays above 60%, it may continue to climb above the resistance price of RM1.12. If this happens, its short-term target price will be RM1.19 followed by RM1.24. Support price is anticipated at RM1.06, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy on continuation above RM1.12

Target: RM1.19, RM1.24 (time frame: 3-6 weeks)

Exit: RM1.06

Source: AmInvest Research - 2 Jul 2019