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HIBISCS (5199) HIBISCUS PETROLEUM BHD resuming its strong uptrend, says RHB Retail Research

KUALA LUMPUR (Oct 11): RHB Retail Research said Hibiscus Petroleum Bhd is resuming its strong uptrend as it bounced off from the recent pullback and broke past the 80.5 sen recent high on high trading volume.

In a trading stocks note today, the research house said bullish momentum above that level may lift the stock towards the 91.5 sen resistance, followed by RM1.06 – the multi-month high.

“Meanwhile, the stock may move downwards if it falls beneath the 75 sen support, printing a “lower low” bearish pattern,” it said.


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