Accumulate (technical) Hapseng - Maybank

HAPSENG – RM 1.63  Stock Code 3034
Hap Seng Consolidated Berhad (HAPSENG)  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.

below: Hapseng Dail Chart (click to enlarge)HAPSENG made a minor daily Wave 4 low  of MYR1.33  on 25 November 2011, with oversold and bullish signals. Furthermore, its positive chart indicators are strongly supportive of further upside. This stock may be poised to break into higher territory.

ACCUMULATE (TECHNICAL) on dips for HAPSENG with its firmer support areas at MYR1.44 and MYR1.63. The potential upside target areas are at MYR1.83, MYR1.89 and MYR1.99. Stop-loss is at MYR1.42. 

by Maybank Investment Bank