Hibiscus Petroleum is set to move northwards as it bounced off the 21-day average line while crossing above the immediate resistance of MYR1.25 last Friday. If it stays above that level, the stock is expected to propel towards the recent high of MYR1.38, followed by the MYR1.50 threshold. Conversely, the stock may reverse direction if it falls below the MYR1.19 support, as it forms a “lower low” bearish structure below the 21-day average line.

Source: RHB Securities Research - 5 May 2022