Rakuten Trade Research Reports
Technical View - Hibiscus Petroleum Bhd
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Publish date: Mon, 23 Oct 2023, 08:38 AM
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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)
- Share price closed 1.41% higher at RM2.87 on last Friday.
- HIBISCS has been on an uptrend since hitting its 52-week low of RM2.12 on May-23. It broke out fromits resistance level of RM2.85 with high buying volume last Friday. With the stock posting three white soldiers and reaching its 52-week peak of RM2.98 while trading above all of its EMA lines, a positive outlook can be expected, underpinned by higher oil price environment.
- The rising momentum is set to steer the stock higher and test the next level of resistance of RM2.90(R1) in the near term.
- On the downside, stop-loss is set at RM2.68, below the 10 Oct’s low.
Source: Rakuten Research - 23 Oct 2023
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