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Sunday, 29 December 2019

Hibiscus Petroleum (KLSE: 5199): 29 December 2019, Sunday

Hibiscus Petroleum (KLSE: 5199): 
29 December 2019, Sunday
(Click on Technical Chart above to Expand)

Attached is the Updated Technicals for Hibiscus Petroleum (KLSE: 5199) that is listed in the KLSE. The stock has broken out of its intra-day critical resistance that was formed over a long period of time within the hourly chart, and is turning critical resistances into critical supports (refer to blue arrowed technicals). Golden Cross has also been executed, with price actions having the ability to consolidate above golden cross. This is bullish in nature. Note that in the long term Technicals of Hibiscus Petroleum, it has the ability to break up of 2.68 pivotal resistance set in 2013 and rally beyond 3.00 psychological resistance. This will be in line with crude oil's bullish cycle (target US$180 per barrel) as reiterated in the past few years. Current price is 0.95, and a move beyond 3.00 would represent multi-bagger gain for investors and longs traders, and an expected +1000% gain to my price entry of below 0.30 (refer to past track records).

The Donovan Norfolk Technical Rating:
Bullish

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