Velesto Energy is on the verge of a bullish breakout, having tested its immediate resistance level on strong volume. The stock formed a bullish candlestick pattern, indicating increasing positive momentum. If Velesto closes above the critical RM0.21 resistance level, this would confirm the bullish setup, pushing the stock towards the next resistance points at RM0.225 and RM0.24. However, a drop below RM0.19 would signal a return to downside movements.
Hibiscus Petroleum is also set to extend its upward trajectory after surpassing its key resistance level on high trading volume. The stock recorded a fresh bullish candlestick, climbing above the RM2.20 resistance, which confirms a bullish trend. Momentum suggests the stock could soon test the RM2.40 level, followed by RM2.55. However, if the stock falls below RM2.05, this bullish setup would be negated.
Both stocks are showing positive trends, but traders should monitor key resistance and support levels to assess the continuation of these movements, according to RHB Investment Bank Bhd.
