Hibiscus Petroleum Bhd (HIBISCS, 5199)

• HIBISCS closed 2.2% higher at RM0.70 on Thursday.
• HIBISCS has recently broken out from the bottleneck of its cup and handle pattern with relatively higher volume. It is also currently trading above all key moving averages.
• We also see bullish MACD crossover in the MACD indicator. Backed by an uptick in both indicators, we expect buying momentum to continue.
• Resistance levels are identified at RM0.725 (R1) and RM0.765 (R2).
• On the flipside, support levels are pegged at RM0.680 (S1) and RM0.665 (S2).

Source: Rakuten Research - 1 Oct 2021