Ho Hup Construction Company Bhd (5169)

• HOHUP closed 6.4% or 3.5 sen higher to RM0.585 yesterday.
• Yesterday’s bullish long white candle saw breakout of its resistance level which was accompanied by higher trading volume. The closing of share price above the upward sloping key moving average also reinforces the bullish trend.
• As such, resistance levels are expected at RM0.61 (R1) and further to RM0.65 (R2).
• Conversely, support levels are identified at RM0.555 (S1) and RM0.530 (S2).

Source: Rakuten Research - 17 May 2019