We expect further upside in Hibiscus Petroleum after it gapped up and formed another white candle yesterday. With the stock cracking above the downtrend line (derived from March’s high) and pushing near its 52-week high, a bullish outlook can be expected here. A bullish bias may emerge above the RM1.30 level, with a stop-loss set at RM1.22, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM1.45, followed by RM1.50.
Entry : RM1.30–1.35
Target : RM1.45, RM1.50
Exit : RM1.22
Source: AmInvest Research - 6 May 2022