Hibiscus Petroleum
Hibiscus is poised for a counter-trend rebound as it bounced off its support yesterday following the recent selldown – forming a “Bullish Harami” reversal pattern. A bullish bias could emerge if it manages to break above the MYR1.36 immediate resistance, ie above the 21-day average line. If that happens, the stock may persist its uptrend towards MYR1.44, followed by MYR1.51. However, the stock may move in a downtrend if it falls below the MYR1.26 support, as it forms a “lower low” bearish pattern, beneath the average line.
Hengyuan Refining Company
Hengyuan is set to rebound strongly towards the recent high as it bounced off its 21-day average line on strong volume – breaching above the MYR6.60 mark. If the buying interest persists, the stock may propel further towards the MYR7.44 resistance, before reaching the recent high at MYR7.70. If it falls below the support level of MYR6.03 – below the average line – the stock may trend downwards.
Dufu Technology Corp
Dufu is staging a technical breakout after it moved past the MYR2.44 immediate resistance on strong volume – bouncing above the 21-day average line. If it manages to sustain above that level, the stock may propel towards MYR2.66, then MYR3.00. Conversely, the momentum may reverse if it drops below the MYR2.25 support – drawing a “lower low” bearish pattern beneath the average line.
Frontken Corporation
Frontken is set to rebound northwards as it broke above the MYR2.61 resistance recently – yesterday, it continued to sustain above it as well as the 21-day average line. If the buying interest persists, the bulls may drive the stock towards the MYR2.83 resistance, followed by the next resistance at MYR2.90. Meanwhile, a drop below the MYR2.47 support may reverse the direction southwards as it forms a “lower low” bearish structure.
