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Naked Chart Trading: HIBISCS 18 Jun 2024

$HIBISCS(5199.MY)$ announced that it has signed a conditional share sale agreement with TotalEnergies Holdings International B.V. to takeover TotalEnergies EP (Brunei) B.V for RM1.2 billion (US$259.4 million).
This purchase target to enable HIBISCS to further strengthen its position as a significant independent Exploration & Production (E&P) company in the region.
As a result, HIBISCS's share prices jumped more than 3% today and will this catalyst boost the share prices to next bull wave?
$HIBISCS(5199.MY)$ Weekly Chart
Naked Chart Trading: HIBISCS 18 Jun 2024
Long term trend: Sideway
Short term trend: sideway but slightly bullish on lower highs
Fibo Analysis (May 2022 high to Jul 2022 low): trade in between 23.6% to 61.8%
Resistance: RM2.65, RM2.95, RM3.10
Support: RM2.30, RM2, RM1.75
Red candlesticks more than the green, signaled that the price is still lack of buying support, continue pay attention to the price movement. Price gap up today but fall after, so there is a potential that the price may close gap at around RM2.43
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This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.
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