Hibiscus Sideway

On 5th May, the stock gapped down with 6% lost in a single day. However, the lack of follow-through on the next trading day maintained the price above RM1.00. Here, the stock fluctuated between RM1.00 and RM1.09 trading range.

On 3rd June, a spring occurred with higher volume compared to the previous trading days. This is a good trade for short term trader. The stock rallied to RM1.13 on 1st July with more than 10% gain in one month period.

Presently the lack of demand is causing the stock to trade below RM1.09 resistance again. I reckon the stock will test the RM1.00 support if the low volume persists. The stock is moving sideways, technically I prefer to keep this stock under monitoring list. (Click here for full picture)

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Author: Gerald Koh