On the daily chart, HIBISCUS PETROLEUM BERHAD (HIBISC) is currently exhibiting a bearish technical profile. The RSI's position below the midpoint indicates selling pressure, and the negative MACD value signals a downtrend in momentum. All moving averages are above the current price, suggesting the stock is trading below key long-term and short-term averages, which could act as dynamic resistance. Market sentiment anticipates HIBISC's price potentially testing the support level at 2.32. A successful breach below this level could amplify the bearish momentum, potentially leading to a retest of support at 2.27. Conversely, failure to breach the critical support at 2.32 could trigger a rebound, with the nearest resistance level at 2.54. Our research house has a BUY call on HIBISCS with a target price of RM3.40.
 

Source: BIMB Securities Research - 17 Jul 2024