HAPSENG – MYR2.19 (Stock Code:3034) (Bloomberg Code: HAP MK Equity)
below: Hapseng daily chart (click to enlarge)
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