Hap Seng Consolidated rose and touched the RM7.78 resistance level. With its 21-day moving average in an uptrend, coupled with a higher high candle stick pattern, we see a possibility for a technical breakout. If this happens, we expect it to move towards the short-term target prices of RM8.06 and RM8.19. The downside support is projected at RM7.40. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on breakout RM7.78

Target: RM8.06, RM8.19 (time frame: 2-4 weeks)

Exit: RM7.40
 

Source: AmInvest Research - 17 Jan 2022