HIBISCS

Sector: Oil and Gas

Analyzed on 07/10/2021

Driven by increasing Brent Oil price to above $80/bbl in the past two weeks, the share price of HIBISCS has also rallied above RM0.80. However, a shooting star candlestick pattern has formed, which signifies high probability of retracement following the rally. Technically, HIBISCS price may retrace if the hype is short term.

Looking at the company business fundamentals, as an upstream operator, HIBISCS’s earnings actually do benefit from higher oil price. However, the key for its earnings would depends on the sustainability of Brent Oil price at high level. Let’s see if the high oil price sustains.

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