Sep 15, 2016

HIAPTEK - 2 Months Channel Breakout

Hiaptek Venture Stock Code: 5072

hiaptek analysis

HIAPTEK inched up RM0.005 (+1.72%) to stage a breakout from its 2-month trend channel on increased trading volume, settling at RM0.295 yesterday. The MACD histogram staged a bullish convergence above the zero-line on the back of improved buying momentum as depicted by the hook up seen in RSI and Stochastic. With the booming hype surrounding steel players, HIAPTEK could be one of the laggard plays. Nonetheless, the appearance of an ‘inverted hammer’ candlestick yesterday indicates that sellers are still in play. Thus, we advocate interested traders to only enter the stock when it has swiftly taken out the RM0.30 (R1) level decisively. Next overhead resistance is seen at RM0.33 (R2), while supports are located at RM0.275 (S1)/RM0.26 (S2).

source: RHB Research – 15/09/2016

The principal activities of the Company are investment and property holdings and the provision of management services. The principal activities of the subsidiaries are importers and exporters and general dealer of steel products hardware and building materials general merchant and dealer in metal hardware building equipment and materials transportation services manufacturing selling dealing and renting of scaffolding equipment slitting and forming process for pipes and ranges of stell product.