Recall that on 17th Dec 2013, we issued a technical buy call on HIAPTEK (at RM0.745) after the share confirmed a breakout from the bullish “Falling Wedge” chart pattern. After 4 months from our last report, we regret to report that buying interest did not come as strong as we had anticipated. Strong resistance was seen at the RM0.77-RM0.79 level which HIAPTEK failed to take out on several attempts. Lack of buying volume coupled with the flattish readings from the key indicators led us to believe that HIAPTEK is likely to extend its sideways range-bound trend over the short to medium term. As the bullish technical view did not materialise within our expected time frame, we reckon that it's time for us to call for take profit with decent 4.16% gains.

 

Source: Kenanga