Hibiscus Petroleum jumped and tested the RM0.665 resistance level. With its RSI indicator in an uptrend, coupled with a higher high candle stick pattern, we see a possibility for a technical breakout. If this happens, we expect it to move towards the short-term target prices of RM0.69 and RM0.705. The downside support is projected at RM0.625. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM0.665

Target: RM0.69, RM0.705 (time frame: 2-4 weeks)

Exit: RM0.625
 

Source: AmInvest Research - 28 Sept 2021