• Asia Poly Holdings Berhad (ASIAPLY)’s share price s eems to be losing its upside momentum upon reaching its 10-year high near RM0.75-0.78 zones (refer to weekly chart). On oscillators-wise, reading from daily and weekly MACD, RSI and Slow Stochastics showed that the stock is grossly overbought. In addition, its daily MACD had formed a bearis h cross over as well as “Negative Divergence” pattern, fueling its near-term selling pressure. Thus, we deem the stock as trading sell with an immediate support near RM0.70, RM0.655 (23.6% FR) and RM0.57 (38.2% FR).
• However, any rebounds will see upside near RM0.78, RM0.80 and RM0.83.

Source: Hong Leong Investment Bank Research - 4 Aug 2015