Ho Hup Construction Bhd (stock code 5169) Construction – RM1.79.
below: HoHup Daily Chart (click to enlarge)
Ho Hup‘s candle made a strong breakout of its long-term downtrend line as well as the RM1.50 level and tested the RM1.84 level yesterday. The strong run up also allowed the candle to breach its congestion band at around the RM1.30-RM1.50 level. Its indicators are also on the rise, suggesting further upsides, but yesterday’s surge may prompt a consolidation.
Therefore, the stock is also worth a buy if it takes out the RM1.85 in the near term, otherwise it would be wise to wait for the consolidation to take its course first. There is support at RM1.30 with the strong support at RM1.00. The resistance, meanwhile is at RM1.95.
by Mercury Securities
Ho Hup Construction Bhd is principally involved in property development, manufacturing and distribution of ready-mixed concrete, engineering, construction and commissioning of a pipeline system.