RHB Investment Bank Bhd (RHB Research) remains optimistic about Hibiscus Petroleum and TH Plantations, citing strong bullish signals for both counters.
Hibiscus Petroleum has shown upward momentum, surpassing its 21-day simple moving average (SMA) line. Closing above the RM2.05 resistance level with a fresh white candlestick indicates a bullish technical setup. RHB Research expects the price to continue testing RM2.20, with potential to reach RM2.40. However, a drop below the RM1.93 support level would invalidate the bullish trend.
Meanwhile, TH Plantations has gained momentum, breaking past the RM0.72 resistance on high trading volume. This suggests continued bullish trajectory, with the counter poised to reach RM0.77 and potentially RM0.82. A breach below the RM0.67 support level, however, could signal a correction.
Investors are advised by RHB Research to monitor these levels closely to gauge the next price movements.
