Sep 6, 2016

HARTALEGA – Buying Interest Signal

HARTA Stock Code: 5168

hartalega analysis

HARTA. The rubber glove sector is in the limelight as of recent, seeing players such as TOPGLOV notching a gain of 14.0 sen (+3.0%) yesterday on strong trading volume. HARTA also received some spill-over attention, breaking out from its multi-month resistance turned-support level of RM4.50 (S1) on high trading volume. MACD histogram is also displaying its bullish convergence away from its zero-line on the back of positive climb seen by the RSI, indicating that buying interest is returning to the stock. With the main hurdle (RM4.50 resistance) surpassed, the stock could set sight on a gradual climb towards RM4.70 (R1) and possibly RM4.98 (R2) further. Immediate downside support is seen at RM4.50 (S1) and RM4.23 (S2) next.

source: Kenanga Research 06/09/2016

The principal business of the Group is manufacturing latex gloves including natural rubber and nitrile gloves