HAPSENG - SHORT-TERM BUY (TECHNICAL) on dips

HAPSENG – MYR2.19   (Stock Code:3034)  (Bloomberg Code: HAP MK Equity)

below: Hapseng daily chart (click to enlarge)
Recommendation
HAPSENG  made a major Wave 2 low of MYR1.64  (30  April  2013) with grossly oversold and bullish signals. Most  of  its  positive  chart  signals  above  suggest  a  Wave  3  and  5-uptrend.  It  is  likely  to  break  into  higher territory, as it breached its key resistance areas in a clear upward Wave 3 and 5-move.

SHORT-TERM BUY (TECHNICAL) on dips for  HAPSENG, with firmer support and clear upward target areas of MYR2.30, MYR2.52 and MYR2.72. Stop-loss is MYR1.89.

 Hap Seng Consolidated Berhad  (HAPSENG)  is an investment holding company. The company, through its subsidiaries, operates oil palm and cocoa plantations, trades heavy equipment and motor vehicles, fabricates and  sells  commercial  trailers  and  tankers,  provides  leasing  and  money  lending  services,  and  manufactures agricultural fertilisers, agro-chemicals, building materials and plantation supplies