HIBISCUS

Sector: Energy (Oil & Gas Producers)

Analysed on 10/10/2021

In line with the rally of oil price, HIBISCUS managed to breakout from its rectangle and closed at RM 0.815 on last Friday with immediate support at RM 0.730. The revenue and profit from HIBISCUS depend on the movement of oil price. As long as the rally on oil price is continued, HIBISCUS could potentially move higher. However, local analysts appear less optimistic that US$100 a barrel oil is in sight. Thus, investors shall monitor closely on the movement of oil price.

Reason to monitor: Resistance Breakout

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