Hiap Teck Venture Bhd (5072)

• HIAPTEK advanced 8.1% or 3.5 sen to RM0.465 yesterday.

• Yesterday saw its share price moved higher on the back of higher trading volume, indicating renewed buying interest. The resurgence came after taking a breather from its bullish uptrend.

• Share price is likely to resume its rally following news on anti-dumping duties on imported flat rolled steel products which have seen buying momentum in steel related stocks.

• As such, resistance levels are seen at RM0.500 (R1) and RM0.545 (R2) level.

• For the downside, support levels are expected at RM0.44 (S1) and RM0.37 (S2).

Source: Rakuten Research - 28 Dec 2020