Hibiscus (5199): Support at RM1.09

After 22nd March post, Hibiscus gaped down on Monday and closed lower at RM1.05. It could be an upthrust since the previous day volume was high. However, the next 5 days narrowed trading ranges indicated the stock had potential to go long again. On 2nd April, the long position was proven with gap up and the stock rallied to RM1.24.

RM1.09 support

The support was tested on 17th April and the secondary test on 3rd March. The secondary test is corresponded with the WTI Crude Oil price. Currently crude oil support at USD61. I reckon the crude oil price will continue to rally next week. Hibiscus would be a good buy since it is producing oil. Cut lost below RM1.09. (Click here for full image)

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Author: Gerald Koh