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.
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
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.
