Bullish Surge: Hibiscus Petroleum and CIMB Group's Potential Breakthrough
In the ever-dynamic landscape of the stock market, two companies are currently capturing the attention of investors with their promising performance. Hibiscus Petroleum Bhd and CIMB Group Holdings Bhd are exhibiting strong bullish momentum, poised to deliver potential returns as noted by RHB Investment Bank Bhd.
Hibiscus Petroleum’s Upward Trajectory
The rally of Hibiscus Petroleum Bhd continues as it successfully overcame the RM1.85 resistance level. Investors are eagerly watching as the stock forms a long white candlestick on high trading volume, indicating further bullish potential. With its eyes now set on the RM2.00 mark and a subsequent target of RM2.15, Hibiscus Petroleum stands on the cusp of a significant breakout.
Yet, this optimism comes with caution. A dip below RM1.72 could invalidate the positive outlook and usher in a correction phase. Thus, investors are advised to tread carefully while monitoring these key price points.
CIMB Group’s Strengthening Rebound
CIMB Group, another heavyweight in the market, is showing signs of a robust counter-trend rebound. The stock recently tested the RM7.20 resistance with a bullish candlestick, capturing the interest of market watchers. A successful breakout above this level may lead the stock toward further gains, possibly reaching RM7.50 and even RM7.80, enhancing investor confidence in its resilience.
However, vigilance is crucial, as a slip below RM6.80 might signal a broader market correction, potentially dampening the bullish sentiment.
An Optimistic Outlook
RHB Research maintains an optimistic stance on both counters, underscoring the strong technical indicators and the ongoing bullish momentum. As investors evaluate their portfolios, the insights provided by RHB serve as a valuable guide to navigating these dynamic market conditions.
Stay tuned to market trends and keep an eye on key resistance and support levels. In a landscape where opportunity meets risk, choose your investments wisely.
According to BusinessToday.
