Hibiscus Petroleum is set to propel higher as it broke above the MYR1.08 resistance level forming a “higher high” bullish pattern yesterday – amid strong trading volume. Riding on trading above the 21-day average line, the buying interest is expected to persist above the breakout level to head towards the MYR1.16 next resistance, followed by the MYR1.24 level, or 13 Jun’s high. The momentum may reverse if it drops below MYR1.02 – forming a “lower low” bearish pattern, below the average line.

Source: RHB Securities Research - 1 Dec 2022