Jun 29, 2010

HARTALEGA - Buy On Dips: Maybank IB

Stock Name: Harta     Stock Code: 5168

Below: Harta Daily Chart (click to enlarge):


HARTA made a daily Wave 4 retracement low of RM7.20  in May 2010 with grossly oversold signals. The recent steady price action above the 19 and 50-day moving averages indicates firm upside bias movement.

Positive crossovers from its daily CCI, DMI, MACD, Stochastic and Oscillator are deemed as very bullish, indicating further upside potential for HARTA. 

SHORT-TERM BUY (TECHNICAL) on dips for HARTA with its firm support areas of RM7.62 and RM8.18 and fine upside target areas of RM8.27 and RM8.90. Stop-loss is at RM7.60.

Hartalega Holdings Berhad (HARTA) manufactures a wide range of latex gloves. Its products include natural rubber examination gloves, nitrile examination gloves, nitrile clean room gloves and natural rubber
surgical gloves.

by Maybank IB