Technical Focus - Hibiscus Petroleum Bhd - Riding On The Upcycle Of Crude Oil Prices

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. The completed acquisition of Repsol Exploración SA assets will generate more than double of its daily production to 23,000 bdp. One of the prime beneficiaries under the high crude oil prices environment (Brent oil price is hovering above USD100/bbl). Technically, price has formed a flag-formation breakout above RM1.25, targeting the next resistances at RM1.30-1.38 with long term target set at RM1.50.