Hiap Teck Venture is expected to bounce off from its sideways consolidation phase after retesting the immediate resistance yesterday. If it manages to break above the MYR0.525 resistance level, a “higher low” will be formed – indicating a bullish price pattern. If that happens, the stock may climb towards the next resistance of MYR0.585, and subsequently MYR0.61. If it falls below the MYR0.50 support, the stock may change its direction.

Source: RHB Securities Research - 28 May 2021