Hibiscus Petroleum climbed and tested the RM0.835 resistance level. With its 21-day moving average in an uptrend, coupled with a higher low 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 RM0.865 and RM0.90. The downside support is projected at RM0.785. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM0.835

Target: RM0.865, RM0.90 (time frame: 2-4 weeks)

Exit: RM0.785
 

Source: AmInvest Research - 5 Jan 2022