HOHUP’s technical picture looks increasingly bullish, following the completion of its regularisation exercise (31st Dec 2013) which brings the company a step closer to making a comeback in the property and construction scene. The share price was up 9 sen yesterday to close at RM1.35 on high volume. In fact, an uptrend channel has taken shape and HOHUP is poised to retest its January high (R1) of RM1.45. Should this resistance level be taken out, we would then expect a clear path towards the uptrend channel resistance at RM1.55-RM1.58. As for the downside, strong support is expected at RM1.23 (S1) where bargain hunting could emerge.

 

Source: Kenanga