Sector: Steel

Analysed on 14/11/21

Due to the decrease of International Steel Price in recent weeks, HIAPTEK had gone through a huge correction since the share price touched the recent peak at around RM0.700. HIAPTEK is currently trading at RM0.535, with immediate support at RM0.515, and immediate resistance at RM0.550.

HIAPTEK is now on a downtrend, confirmed by the occurrence of dead cross (EMA25 below EMA 50) and both EMA25 and EMA50 trending downwards. Despite the weak International Steel Price recently, it is reported in The Edge Weekly that HIAPTEK is planning on an expansion to venture into Hot Rolled Coil business in Malaysia, which will further strengthen HIAPTEK’s presence in the market. Therefore, we are in opinion that it is a company that’s worth monitoring for mid or long term, and can consider to open position when there’s sign of reversal.

Reason to Monitor: Expansion Plan

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NOTT INVEST 

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