Hibiscus active, up 2.55% as uptrend stays intact

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KUALA LUMPUR (Dec 8): Hibiscus Petroleum Bhd shares rose 2.55% and were the second most actively traded on Bursa Malaysia this morning on sustained uptrend.

At 9.15am, Hibiscus rose 2 sen to 80.5 sen with 11.52 million shares traded.

Public Investment Bank Bhd Research said that overall, Hibiscus Petroleum Bhd’s uptrend remained intact after undergoing minor pullback in the past three weeks.

In a technicals note today, the research house said bullish RSI and MACD indicators signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in the near term.

“Should 81 sen resistance level be broken, it may continue to lift price higher to the next resistance levels of 86.5 sen and 94.5 sen.

“However, failure to hold on to support level of 72 sen may indicate weakness in the share price and hence, a cut-loss signal,” it said.