Hibiscus Petroleum poised to test the resistance level 51 sen, AmInvestment Retail Research says.
KUALA LUMPUR: Hibiscus Petroleum poised to test the resistance level 51 sen, AmInvestment Retail Research says.
With momentum indicator RSI above 50%, coupled with high trading volume, the research house sees that there is a possibility it will experience a technical breakout.
"If this happens, it will moves towards the short-term target prices of 54 sen and 60 sen. The downside support is anticipated at 45 sen, whereby traders may exit on a breach to avoid the risk of a further correction," it said.
Trading Call: Buy on breakout 51 sen
Target: 54 sen, 60 sen (time frame: two to four weeks)
Exit: 45 sen