Hibiscus Petroleum may see a technical breakout, after hitting a multi-month low. The counter has been moving on “lower low” patterns since it fell below the 21-day SMA line. If it dips below the MYR2.10 support level, the counter may extend its correction towards the MYR2 level. On the upside, if the stock climbs above the MYR2.18 resistance, it could see a technical rebound towards the MYR2.30 resistance level.

Source: RHB Securities Research - 6 Aug 2024