Hibiscus Petroleum is eyeing to extend its upside movement after staging a bullish breakout. The stock has climbed above the MYR2.74 resistance to form a fresh “higher high” bullish candlestick. We observe trading volume has been increasing, this shows that the bullish momentum is accelerating. Expect this momentum to propel the stock towards the next resistance at MYR2.94, followed by MYR3.25. On the flipside, falling below the MYR2.60 support will negate the bullish setup.

Source: RHB Securities Research - 15 Apr 2024