Hibiscus Petroleum has rebounded from its low to test the RM0.95 immediate resistance level. With a rising RSI, a bullish bias may be present above this mark with target prices of RM1.00 and RM1.04. Meanwhile, it may continue moving sideways if it fails to cross the RM0.95 mark in the near term. In this case, the immediate support is anticipated at RM0.91, whereby traders may exit on a breach to avoid the risk of a further correction.

Trading Call: Buy upon breakout above RM0.95

Target: RM1.00, RM1.04 (time frame: 3-6 weeks)

Exit: RM0.91

Source: AmInvest Research - 16 Dec 2019