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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

https://www.thestar.com.my/business/business-news/2020/05/04/hibiscus-petroleum-to-test-51c-level

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