Hibiscus Petroleum is poised to climb higher, as it bounced off the intraday low session – which was also its support – yesterday on strong volume. If the bulls manage to push it past the immediate resistance of MYR1.27, the stock may climb further towards the MYR1.36 resistance (Oct 2018’s high), followed by the MYR1.50 threshold. However, the momentum may lose steam if it falls below the MYR1.15 support, ie below the 21-day average line.

Source: RHB Securities Research - 2 Mar 2022