HIBISCS (Not Rated). HIBISCS’s shares saw active trading yesterday, amid a jump in crude oil prices (Brent US$57.00/ barrel). For the day, HIBISCS’s share price finished 3.5 sen (7.4%) higher at RM0.505. Chart-wise, HIBISCS has been on a rising trend since it broke out of the RM0.20 resistance in October. The share price had since climbed to a high of RM0.55 last month, before pulling back in recent weeks. Nevertheless, yesterday’s consolidation breakout signals a resumption of its prior uptrend. In fact, the RSI indicator has also hooked upwards into a bullish territory to reflect a pick-up in momentum. From here, we expect HIBISCS to retest the RM0.55 (R1) high, before climbing further to RM0.58 (R2) next. Downside support levels are RM0.46 (S1) and RM0.44 (R2).

IFCAMSC (Not Rated). IFCAMSC’s share price surged 5 sen (13.2%) to finish at the day’s high of RM0.43. Trading volume quadrupled from the trading day earlier, with 62.3m shares changing hands. On the daily chart, IFCAMSC broke out of its downtrend RM0.27 earlier last month and commenced a strong rally to RM0.445 before staging a meaningful pullback to RM0.36 last week. However, yesterday’s bullish move signals that another leg up may be in the making. Note that the MACD has once again crossed above the Signal-line, while the RSI has booked upwards after briefly grazing at the 50-point neutral mark last week. With this, we expect IFCAMSC to retest the RM0.445 high (R1). Should this level be taken out next, the share price would then have a fairly clear path towards the August high of RM0.585 (R2) next. Support levels include the RM0.36 (S1), although a break below would be highly negative with the next support only located at RM0.315 (S2).

Source: Kenanga Research - 3 Feb 2017