Hibiscus Petroleum consolidated and touched the RM0.665 resistance level. With its RSI indicator moving upwards, coupled with a higher low candle stick pattern, there is a good chance that it would experience a technical breakout and head towards the short-term target price of RM0.69, followed by RM0.70. The downside support is marked at RM0.64. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM0.665

Target: RM0.69, RM0.70 (time frame: 2–4 weeks)

Exit: RM0.64

Source: AmInvest Research - 30 Jul 2021