Hibiscus Petroleum Bhd: Riding on higher crude oil prices
Technical View
(i) HIBISCS (S: RM0.625, R: RM0.68-0.705, LT TP: RM0.73, CL: RM0.62)
Trading Catalyst
• Malaysia’s first public listed independent oil and gas exploration and production firm, focusing on the development and production of oilfield assets in United Kingdom, Malaysia and Australia.
• Proposed acquisition of Repsol Exploración SA assets which has approximately 2.0% of global net crude oil output for USD212.5m cash will HIBISCS double daily production to 18,500 bdp.
• Riding on recovery in crude oil prices amid improved demand, supply disruptions and escalating geopolitical tension in the Middle East.
• Technically, price has formed a flag-formation breakout above RM0.655 level, targeting the next resistances at RM0.68-0.705 with long term target set at RM0.73.
Source: Bloomberg, M+ Online
Technical View
(i) HIBISCS (S: RM0.625, R: RM0.68-0.705, LT TP: RM0.73, CL: RM0.62)
Trading Catalyst
• Malaysia’s first public listed independent oil and gas exploration and production firm, focusing on the development and production of oilfield assets in United Kingdom, Malaysia and Australia.
• Proposed acquisition of Repsol Exploración SA assets which has approximately 2.0% of global net crude oil output for USD212.5m cash will HIBISCS double daily production to 18,500 bdp.
• Riding on recovery in crude oil prices amid improved demand, supply disruptions and escalating geopolitical tension in the Middle East.
• Technically, price has formed a flag-formation breakout above RM0.655 level, targeting the next resistances at RM0.68-0.705 with long term target set at RM0.73.
Source: Bloomberg, M+ Online
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.