Hibiscus Petroleum is set to scale higher after the bullish setup was confirmed. The latest session saw the stock breaching above the MYR1 mark on high volumes.
RHB Retail Research, in a note today (Sept 4), that the series of bullish candlesticks, together with the increasing trading volumes, shows the bullish momentum is growing stronger. After the breakout, the counter may test the next resistance at MYR1.08, followed by the MYR1.15 level.
On the flipside, falling below the MYR0.93 support will nullify the bullish setup.
Hiap Teck Venture is poised to extend the upside movement after breaking past the key resistance on strong volumes.
The stock was observed climbing above the MYR0.435 resistance and charting a fresh “higher high”. Trading volumes have been increasing in tandem with the share price – indicating a strong momentum is underway.
Riding on the momentum, it should travel towards the next resistance pegged at MYR0.47, followed by the MYR0.52 mark.
On the downside, breaching below the MYR0.39 support negates the bullish setup and kicks off the correction phase.
