Ho Hup Construction punched through the resistance level on higher trading volume. A bullish bias has emerged above the immediate resistance level marked at MYR0.485. A breakout above the resistance will see a further extension of the uptrend. Riding on strong buying interest, we do expect the bullish momentum to lift it towards the next resistance of MYR0.52, followed by MYR0.55. A downside breach of the MYR0.46 support level would nullify this expectation and lead to a further share price correction.

Source: RHB Securities Research - 22 Dec 2020