AmInvest Research Reports
Stocks on Radar - Hengyuan Refining Company (4324)
AmInvest
Publish date: Fri, 08 May 2020, 09:04 AM
AmInvest
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All materials published here are prepared by AmInvest. For latest offers on AmInvest trading products and news, please refer to: https://www.aminvest.com/eng/Pages/home.aspx
Tel: +603 2036 1800 / +603 2032 2888
Fax: +603 2031 5210
Email: enquiries@aminvest.com
Office Hours
Monday to Thursday: 8:45am – 5:45pm
Friday: 8:45am – 5:00pm
(GMT +08:00 Malaysia)
Hengyuan Refining Company builds strong momentum to test the resistance level RM3.73. With momentum indicator RSI pointing upwards, coupled with rising volume, we foresee that there could be a technical breakout soon. If it trades above the resistance level, it will propel towards the short-term target prices of RM3.93 followed by RM4.15. In this case, the downside support is anticipated at RM1.35, whereby traders may exit on a breach to avoid the risk of a further correction
Trading Call: Buy on breakout RM3.73
Target: RM3.93, RM4.15 (time frame: 2-4 weeks)
Exit: RM3.45
Source: AmInvest Research - 8 May 2020
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