Hibiscus Petroleum is poised for a technical breakout, as it is consolidating above the 21-day SMA line while testing the MYR2.85 immediate resistance yesterday.
RHB Retail Research, in a note today (Oct 20), said if a breakout happens, forming a “higher high” bullish pattern, the stock may climb higher towards the next resistance at MYR3.20, followed by MYR3.60.
Towards the downside, a breach below the MYR2.65 support will negate the bullish setup, forming a “lower low” bearish pattern below the SMA line.
Dayang Enterprise Holdings is attempting to move higher as it tested the MYR1.92 immediate resistance yesterday.
If a breakout above that level occurs, the stock is likely to trend higher towards the MYR2 mark, followed by the next resistance at MYR2.20.
Conversely, a fall below the MYR1.80 support would signal a reversal of the positive trend, as the stock’s price would trade below the SMA line and form a “lower low” bearish pattern.
