Hiap Teck Venture is poised to rebound from a recent pullback, after it formed a “higher low” pattern recently. Last Friday, it attempted to break above the immediate resistance on strong volume – indicating strong buying interest. If it manages to break above the MYR0.50 immediate resistance level, a positive bias should emerge to head towards the next resistance of MYR0.525, followed by MYR0.545. Meanwhile, if the stock breaches below the MYR0.47 level, this trading set-up would be cancelled.

Source: RHB Securities Research - 26 Apr 2021