Yesterday, HSL advanced 6.0 sen or 3.19% to close at RM1.94, breaking out from its multi-month resistance-turned-support of RM1.89 on the back of high trading volume. Key technical indicators are showing favourable signals as they are heading north. Despite Stochastic indicator already in the overbought region, we believe the share price will continue to be in the spotlight in the near-term as being one of the beneficiaries of the 11th Malaysian Plan. Hence, we recommend a “Trading Buy” call on the stock with anticipation that it will surge on bullish sentiment towards its 2-year high of RM2.17 (R3).
Source: Kenanga Research - 21 May 2015
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