Hibiscus Petroleum Bhd (5199)

• HIBISCS rose 7.3% or 4 sen to RM0.585 yesterday.

• Share price has been trading above all key moving average with rising momentum as seen in key technical indicator. Coupled with recovery in brent crude oil price hitting above key level of USD45 recently, we expect renewed interest and follow through buying on the stock.

• As such, resistance levels are identified at RM0.615 (R1) and RM0.645 (R2) level.

• On downside support, support levels are seen at RM0.54 (S1) and RM0.50 (S2)

Source: Rakuten Research - 24 Nov 2020