Hibiscus Petroleum may soon test the RM0.935 resistance level. With a rising RSI, a bullish bias may be present above this mark with a short-term target price of RM0.985 and RM1.03. Meanwhile, it may continue moving sideways if it fails to cross the RM0.935 mark in the near term. In this case, the downside support is anticipated at RM0.89, whereby traders may exit on a sbreach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM0.935

Target: RM0.985, RM1.03 (time frame: 3-6 weeks)

Exit: RM0.89

Source: AmInvest Research - 10 Sept 2019