HIBISCS, REACH, SALCON

Today I would like to share 3 counters with you all. Two oil and gas counter and one non-oil and gas counter.

1. HIBISCS

Hibiscs was the most active oil and gas stock in the past month. Hibiscs just received approval for production sharing contract purchase from shell on 5^th December 2017. The latest quarterly result was Hibiscs 1^st quarter result. In 1^st quarter, the company have 15 days of non production day for maintainence improving for the company production. The company projected in year 2020 there will be a production of 5000 tonne of oil daily. The analyst expect there will be a better 2^nd quarter result. PublicInvest give Hibiscs target price of RM1.06.

Support price : 0.715
Resistance price : 0.755

1. REACH

Reach just bought oil and gas business in Kazakhstan on the beginning of this year. The production for reach energy is getting higher and higher from time to time. Expect the company will generate profit by next year. The company major shareholder Tan Sri Dr Azmil Khalili keep on acquiring Reach shares, IPO price was above 70cents. And now, the share price was only 38.5 Cents, drops more than 20% from the high of a month before (50Cents).

Support price : 38.5 Cents
Resistance price : 42.5 Cents

1. SALCON

Latest quarterly result for salcon was a profit result after two continuous loss for the previous quarter. Company earn a 3Mil profit for the latest quarter. In bursa announcement, Salcon just awarded three contract on 16^th Nov 2017 , 20^th Oct 2017 and 18^th Sept 2017. Technical chart was good as the chart shows the share price just break the downtrend line and turning up.

Support price : 0.425
Resistance price : 0.45

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GOOD LUCK & HAVE A NICE DAY