Hibiscus Petroleum jumped and tested the RM0.525 resistance level. With its RSI indicator pointing upwards coupled with higher low candle stick pattern, we think that there could be a technical breakout towards the short-term target price of RM0.545 followed by RM0.565. In this case, the downside support is marked at RM0.505, whereby traders may exit on a breach to avoid the risk of a further correction

Trading Call: Buy on breakout RM0.525
Target: RM0.545, RM0.565 (time frame: 2-4 weeks)
Exit: RM0.505

Source: AmInvest Research - 17 Sept 2020