Hibiscus Petroleum is staging a breakout from the resistance level formed since July. With an increase in trading volumes lately, we believe the buying interest is gaining traction, and it may break out from the multi-month resistance level of MYR0.65 soon. If this happens, expect the momentum to propel the stock towards the next resistance level at MYR0.68, followed by MYR0.74. Meanwhile, a downward breach of the MYR0.59 support will negate this expectation.

Source: RHB Securities Research - 7 Dec 2020