Heng Huat Resources Group rose and touched the RM0.78 resistance level. With its 21-day moving average in an uptrend, coupled with a sustainable trading volume, we see a possibility for a technical breakout. If this happens, we expect it to move towards the short-term target prices of RM0.805 and RM0.825. The downside support is projected at RM0.735. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM0.78

Target: RM0.805, RM0.825 (time frame: 2-4 weeks)

Exit: RM0.735
 

Source: AmInvest Research - 15 Dec 2021