Hibiscus Petroleum poised to test the resistance level RM0.51. With momentum indicator RSI above 50%, coupled with high trading volume, we see that there is a possibility it will experience a technical breakout. If this happens, it will moves towards the short-term target prices of RM0.54 and RM0.60. The downside support is anticipated at RM0.45, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy on breakout RM0.51

Target: RM0.54, RM0.60 (time frame: 2-4 weeks)

Exit: RM0.45

Source: AmInvest Research - 4 May 2020