SupportLine Fong Min Yuan

Hibiscus Petroleum

Hibiscus Petroleum Bhd’s rebound is gaining strength with the technical indicators moving above the oversold indicators.

Yesterday, the slow-stochastic momentum index and 14-day relative strength index (RSI) returned from oversold territory, in tandem with another day of gains in the share price.

The stock is looking at a resistance of RM1.02, where it will face falling pressure form the long-term 100 and 200-day simple moving averages (SMA). Higher still, resistance is found at RM1.09.

Meanwhile, support is found at 90 sen and 81 sen.

<a href='/business/marketwatch/stocks/?qcounter=ARMADA' target='_blank'>Bumi Armada</a><a href='' target='_blank'><img class='go-chart' src='' /></a>Bumi Armada

BUMI Armada Bhd bounced off the 50-day SMA on Monday after a correction but failed to sustain intraday gains by yesterday’s close.

On the technical indices, the slow-stochastic has been dipping in and out of oversold territory while the RSI has turned its head higher following from Monday’s rebound.

Should the retracement take root, the share could head towards a resistance at 73 sen. Support is pegged to 54 sen and 46.5 sen.


INFOMINA Bhd is seeing robust momentum after a surge in share price earlier in the week took the stock to a higher trading band.

Despite yesterday’s flat closing, the share achieved an all-time trading high of RM1.56, which would serve as the next price resistance.

The slow-stochastic and RSI indicators are flashing overbought conditions, which could suggest the onset of a consolidation period, especially after strong price gains.

However, the rally is expected to continue after a period of neutralisation, especially as the daily moving average convergence/divergence line has crossed into positive territory to signal an uptrend.

On the lower end of the chart, immediate support is found at RM1.50 while stronger support rests at RM1.24.

The comments above do not represent a recommendation to buy or sell.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Hibiscus Petroleum , Bumi Armada , Infomina


Next In Business News

S&P 500, Nasdaq eye higher open with Fed policy outlook in focus
Sapura Energy, subsidiaries granted extension of orders for debt restructuring
Bank Muamalat records PBZT of RM306.7mil for FY22
Ringgit ends higher against US dollar on rising oil prices
PETRONAS president/group CEO optimistic of contract extension
PETRONAS reports RM23.8bil net profit in 1Q
MST Golf Group inks underwriting agreement with RHB Investment Bank for IPO
PRG orderbooks for energy efficiency segment reach RM128mil
Maxis reiterates commitment to sign 5G access agreement with DNB
KLCI falls to lowest point since October 2022

Others Also Read