HIBISCS (5199) - Technical Analysis

Technical Analysis


- HIBISCS is a hot counter due to the oil price rally in Q12019.

- However, Oil prices (Brent Oil Futures & Crude Oil WTI Futures) turned from bullish to bearish in the last few weeks due to the tension of trade war and expectation of a slowdown in the global economy.

- Oil prices down further amid US inventories surge.

- HIBISCS shares price completed double top reversal on Oct 18, 2018, and Apr 4, 2019, respectively.

- EMA 20 / 60 / 120/ tangled on May 31, 2019, and it gaped down on June 3, 2019.

- Although there is a bounce back and closed the gap on June 6, 2019, it doesn't indicate HIBISCS ended short term down-trend because HIBISCS shares price traded lower low in past a month.

- RSI is moving toward from Overbought to Oversold level.

- There is descending triangle. If HIBISCS unable to sustain at RM0.985, we expects there is a further drop +/-13.80% in near term.

- Resistance R2: RM 1.120

- Resistance R1: RM 1.050

- Support S1: RM0.985

- Support S2: RM 0.850


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