Hibiscus Petroleum Bhd (5199)

• HIBISCS closed 1 sen or 0.92% higher to RM1.09 last Friday.
• Technically, HIBISCS is trending above the key simple moving averages while the key momentum indicator also showing an oversold signal, indicating potential upside for the share price.
• With OPEC’s indication to likely maintain production cuts, we believe overall sentiment remains positive hence supporting HIBISCS’s share price to trend higher.
• As such, resistance levels are identified at RM1.13 (R1) and further to RM1.22 (R2). • On the flipside, support levels are expected at RM1.00 (S1) and RM0.90 (S2).

Source: Rakuten Research - 21 May 2019