Rakuten Trade Research Reports
Technical View - Hibiscus Petroleum Bhd
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Publish date: Mon, 08 Mar 2021, 06:21 PM
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To sign up for an account: http://bit.ly/40BNqKI
Rakuten Trade
Hotline: +603 2110 7110 (Account Opening, General enquiry)
Email: customerservice@rakutentrade.my
Hibiscus Petroleum Bhd (HIBISCS, 5199)
• HIBISCS rose 5.3% or 3.5 sen to RM.69 last Friday.
• Share price rebounded from low of RM0.635 recently in tandem with the recovery of global crude oil prices. From technical readings, with RSI started to point upward indicating encouraging buying momentum as we expect share price to trend higher being one of the potential oil price recovery play.
• From here. resistance levels are projected at RM0.765 (R1) and RM0.91 (R2).
• For downside, support levels are identified at RM0.625 (S1) and RM0.60 (S2).
Source: Rakuten Research - 8 Mar 2021
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