Hibiscus Petroleum retreated to an oversold level, eyeing to stage a technical rebound. The stock has recently been observed undergoing a correction, and trading volumes have been subisidng, showing that selling pressure is tapering. If it manages to cross above the MYR0.865 immediate resistance, we expect a rebound towards the MYR0.91 mark, followed by MYR0.96. Conversely, falling below the MYR0.81 support will extend the correction.

Source: RHB Securities Research - 18 Aug 2022