Stock code 5072 – Industrial Products – RM1.00
Hiap Teck’s candles have pierced its downtrend line, but they only rose strongly on Thursday and tested the RM1.06 level. The level has yet to be breached, leading to its
overbought indicators to slip slightly, but still above their respective upper limit lines.
The outlook has turned weaker as a consequence and for now, we are neutral on the
stock. If the RM1.09 level is penetrated, however, then there are renewed trading buy
opportunities. Above RM1.09, the other resistance is located at RM1.17. The immediate support on the other hand is at RM0.995.
Hiaptek Daily Technical chart (click to enlarge)
Analysis by Mercury Securities
