Possible for further upside for Hibiscus, says PublicInvest Research

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KUALA LUMPUR (Feb 11): PublicInvest Research said Hibiscus Petroleum Bhd is well supported above short and medium term EMA, recovering from its congestion phase.

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

“Should resistance level of RM1.05 be broken, it may continue to lift price higher to subsequent resistance level of RM1.10.

“However, failure to hold on to support level of RM0.970 may indicate weakness in the share price and hence, a cut-loss signal,” it said.