Hibiscus Petroleum Bhd (HIBISCS, 5199)

• Share price closed 1.2% higher at RM0.87 on Friday.

• Mirroring the recent high Brent Crude oil price, HIBISCS is having a strong uptrend since 21 Dec 2021. On Friday night, Brent Crude Oil price has inched another 2.68% to settle near its 52-week high.

• Backed by upticks in its indicators and uptrend movement, HIBISCS is poised to move higher.

• Resistance levels are identified at RM0.910 (R1) and RM0.960 (R2).

• On the flipside, support levels are pegged at RM0.840 (S1) and RM0.805 (S2).

Source: Rakuten Research - 17 Jan 2022