KUALA LUMPUR (March 23): CIMB Equities Research has a technical buy on Hibiscus Petroleum at RM1.69.
The research house said on Friday that since it featured Hibiscus as a technical sell stock on Feb 16, prices fell from RM1.78 to a low of RM1.52 at one point, past its targeted level of RM1.60. Since then, prices have been trading in a sideways manner, possibly forming a triangle pattern.
CIMB Research said the MACD is falling to the zero levels while the RSI is finding its feet above the 40-50pts mark. Both indicators should also find their support soon.
“There might be some weakness ahead but aggressive traders may take some long positions now with a stop place below RM1.57. A breakout of its triangle would see price retest the RM1.94 high and even take it out, possibly reaching RM2.02-RM2.10 levels,” it said.
The research house said on Friday that since it featured Hibiscus as a technical sell stock on Feb 16, prices fell from RM1.78 to a low of RM1.52 at one point, past its targeted level of RM1.60. Since then, prices have been trading in a sideways manner, possibly forming a triangle pattern.
CIMB Research said the MACD is falling to the zero levels while the RSI is finding its feet above the 40-50pts mark. Both indicators should also find their support soon.
“There might be some weakness ahead but aggressive traders may take some long positions now with a stop place below RM1.57. A breakout of its triangle would see price retest the RM1.94 high and even take it out, possibly reaching RM2.02-RM2.10 levels,” it said.
