Hiap Teck Venture climbed and hit the RM0.535 resistance level. With its RSI indicator pointing upward, coupled with a higher 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 RM0.555 and RM0.57. The downside support is projected at RM0.505. Traders are advised to exit on a breach to avoid further losses.

Trading Call: Buy on pullback RM0.535

Target: RM0.555, RM0.57 (time frame: 2-4 weeks)

Exit: RM0.505
 

Source: AmInvest Research - 9 Feb 2022