HHGROUP has been trading within an uptrend channel over the past two months. Yesterday, the share price ended higher at RM0.53 (+2.5 sen) and has also broken out from the trend channel resistance level of RM0.52 with strong daily trading volume. Despite positive readings from the key indicators such as MACD and RSI, Stochastic indicator is in the overbought territory, suggesting that a healthy pullback is imminent. Thus, we advocate traders to implement “Buy on Weakness” strategy to buy into the stock when the share prices consolidate towards RM0.52.
Source: Kenanga Research - 3 Apr 2015
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