Sector: Steel

Analysed on 17/10/21

Steel counters have been performing well this week, so as HIAPTEK, which we have constantly covered in our NOTT INVEST Channel. HIAPTEK has successfully broke 2 resistances this week, and currently trading at RM0.680 with immediate support at RM0.665. Should HIAPTEK continue to stay above RM0.665, it will challenge the all-time high at RM0.705.

Both EMA25 and EMA50 are sloping upwards indicating that HIAPTEK is currently on an uptrend. However, note that HIAPTEK has been closed with green candles for most of the trading days recently, we therefore expecting retracement to happen soon. As long as the price stays above EMA25, the retracement is considered healthy. As the international steel price still remains at the high side, and there is no sign of returning to the previous level since China rolled out their Carbon Reduction Policy, we are in opinion that the current situation will continue to bring benefits to HIAPTEK. Investor who is interested in HIAPTEK can take EMA25 as reference for entry point.

Reason to Monitor: Technical Breakout

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NOTT INVEST 

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