Hibiscus Petroleum is poised for a counter-trend rebound as it bounced off its support yesterday following the recent selldown – forming a “Bullish Harami” reversal pattern. A bullish bias could emerge if it manages to break above the MYR1.36 immediate resistance, ie above the 21-day average line. If that happens, the stock may persist its uptrend towards MYR1.44, followed by MYR1.51. However, the stock may move in a downtrend if it falls below the MYR1.26 support, as it forms a “lower low” bearish pattern, beneath the average line.
Source: RHB Securities Research - 31 May 2022
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