KUALA LUMPUR: Hibiscus Petroleum Bhd , one of the most traded counters on Bursa, increased by 3% in early trading.
The numerator gained 3.06% or three sen to RM1.03, the highest since February 2018, with approximately 20 million shares traded.
Previously, StarBiz reported that Hibiscus is holding on to the short-term rising trend line, despite the danger of becoming stuck in consolidation mode.
However, the bullish performance of Monday saw both above the support and the short-term 14- and 21-day simple moving averages (SMA) return to improving the positive momentum.
Given the revival of the positive momentum, there is a chance that the counter will move towards a burst of the sideways channel to resume the growth of the share price.
Meanwhile. AmInvestment Bank said in a technical report that Hibiscus Petroleum tested the RM0.98 level in its last session.
"With a healthy RSI level, there can be an upward trend above this point with a target price of RM1.05, followed by RM1.11," it said.
In the meantime, the company can continue to trade sideways if it does not exceed the 98s brand in the short term.
"In this case support is expected at 89.5 sen, where traders can terminate a violation to avoid the risk of further correction," it added.