Recall that on the 4th of Oct, we highlighted HIBISCS (Technical Buy @ RM1.90) when its share price confirmed a “Bullish Flag” chart pattern. During this 2-month time-frame, the share price performed mostly to our expectations, with HIBISCS finally surpassing our target price of RM2.39 yesterday for a meaty (25.8% gain). For the day, the share price was up by 24 sen to end at RM2.46 on high volume. While the technical picture has yet to show signs that momentum is waning, we note that both the Stochastic and RSI indicators have entered into deeply overbought regions. This indicates that further gains are likely to be limited from here, and as such, we are suggested that traders “Take Profit” on any strength.

 

Source: Kenanga