- 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.
- 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