KUALA LUMPUR (Feb 16): CIMB Equities Research has a technical sell on Hibiscus Petroleum at RM1.78.
It said on Thursday that Hibiscus’ rally from the August lows has been outstanding. The trend is still up but the uptrend could see some consolidation soon.
“Yesterday’s bearish harami pattern coupled with the bearish divergence on its MACD Histogram and RSI suggest that a pullback could be on the cards.
“Upside is likely capped by the RM2.00 psychological resistance. We expect prices to ease a tad towards RM1.60 and possibly even RM1.46.again. Use any rebound to sell on strength,” it said.
It said on Thursday that Hibiscus’ rally from the August lows has been outstanding. The trend is still up but the uptrend could see some consolidation soon.
“Yesterday’s bearish harami pattern coupled with the bearish divergence on its MACD Histogram and RSI suggest that a pullback could be on the cards.
“Upside is likely capped by the RM2.00 psychological resistance. We expect prices to ease a tad towards RM1.60 and possibly even RM1.46.again. Use any rebound to sell on strength,” it said.
