HIAPTEK

Sector: Steel

Analysed on 25/07/21

Majority of the steel counters have rebounded this week including HIAPTEK, which we had covered earlier in our channel. HIAPTEK has managed to climb back to their previous support of RM0.510, currently trading at RM0.515 with immediate resistance at RM0.580. A short-term double bottom was formed around RM0.475, which indicate that RM0.475 is a strong support for HIAPTEK.

From the perspective of Technical Analysis, it is not advisable to invest in HIAPTEK now due to the occurrence of dead cross (EMA25 moves below EMA50), which represent the beginning of downtrend. Furthermore, it is also worth mentioning that HIAPTEK has closed low (red candle) for most of the trading days since they released their QR around the end of June, which indicate that market has slowly loss interest in this counter. Therefore, it is wise to revisit HIAPTEK only when there is confirmed sign of reversal.

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NOTT INVEST 

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