Hibiscus Petroleum climbed and touched the RM0.805 resistance level. With its RSI indicator pointing upward, coupled with a higher trading volume, we see a possibility for a technical breakout. If this happens, we expect it to move towards the short-term target prices of RM0.845 and RM0.86. The downside support is projected at RM0.75. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM0.805

Target: RM0.845, RM0.86 (time frame: 2-4 weeks)

Exit: RM0.75
 

Source: AmInvest Research - 27 Dec 2021