Hiap Teck Venture’s momentum is picking up pace and eyeing to stage a bullish breakout. We observe that the stock has been consolidating sideways below the MYR0.47 resistance. Since crossing above the 21-day SMA line, the stock has been surging on a series of “higher highs”, as the momentum has turned bullish. If the stock breaks past the immediate resistance, it will travel towards the next resistance at MYR0.52, followed by MYR0.55. Meanwhile, breaching below the MYR0.43 support will set off a correction phase.

Source: RHB Securities Research - 16 Nov 2023