Hibiscus Petroleum is in the process of rebounding above its consolidation level, as it bounced above the 21-day average line, while eyeing the immediate resistance of MYR1.24. If it manages to move past above that level, bullish momentum may propel the stock towards the next resistance of MYR1.32, followed by MYR1.38 – its 52-week high. Conversely, a fall below the MYR1.11 support level would trigger selling pressure, as it forms a “lower low” bearish pattern.
Source: RHB Securities Research - 6 Apr 2022
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