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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