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Hot Stock Hiap Teck rises more than 3% on positive near term uptrend outlook
by Cals Tue 21 Apr 2015, 20:46
Hot Stock
Hiap Teck rises more than 3% on positive near term uptrend outlook
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By Surin Murugiah / theedgemarkets.com | April 21, 2015 : 9:31 AM MYT
KUALA LUMPUR (April 21): Shares of [size=14]Hiap Teck Ventures Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) rose more than 3% in early trade today after Hong Leong IB Research said although Hiap Teck could experience some profit taking activities after a 7.9% w-o-w spike, near term uptrend remains intact following its long term downtrend line breakout while staying above its 10-day, 20-day and 30-day simple moving average (SMA) trend lines.
At 9.08am, Hiap Teck rose 3.67% or 2 sen to 56.5 sen with 697,000 shares traded.
In a note today, the research house said that as long as immediate term support of 52 sen or 30-d SMA is not violated, near term uptrend remains intact, evidenced by the bullish daily and weekly MACD and slow stochastics indicators.
“Near term resistances are 57 sen - A decisive breakout above 57.5 sen (100-d SMA) will spur prices to retest 61.5 sen (38.2% FR) before reaching our long term price target at 66 sen (200-d SMA). Cut loss at 49. 5 sen,” it said.
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Hiap Teck rises more than 3% on positive near term uptrend outlook
[You must be registered and logged in to see this image.]
By Surin Murugiah / theedgemarkets.com | April 21, 2015 : 9:31 AM MYT
KUALA LUMPUR (April 21): Shares of [size=14]Hiap Teck Ventures Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) rose more than 3% in early trade today after Hong Leong IB Research said although Hiap Teck could experience some profit taking activities after a 7.9% w-o-w spike, near term uptrend remains intact following its long term downtrend line breakout while staying above its 10-day, 20-day and 30-day simple moving average (SMA) trend lines.
At 9.08am, Hiap Teck rose 3.67% or 2 sen to 56.5 sen with 697,000 shares traded.
In a note today, the research house said that as long as immediate term support of 52 sen or 30-d SMA is not violated, near term uptrend remains intact, evidenced by the bullish daily and weekly MACD and slow stochastics indicators.
“Near term resistances are 57 sen - A decisive breakout above 57.5 sen (100-d SMA) will spur prices to retest 61.5 sen (38.2% FR) before reaching our long term price target at 66 sen (200-d SMA). Cut loss at 49. 5 sen,” it said.
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