Hiap Teck Venture is poised to move past its consolidation phase after it hit the immediate resistance on strong trading volume. Coupled with a “higher low” formation, the bullish bias would be expected if it manages to breach the resistance of MYR0.545 – forming a “higher high” bullish pattern. If that happens, it may climb higher towards the next resistance marked at MYR0.615, followed by MYR0.705. Meanwhile, breaching below the MYR0.515 support will expect the momentum fade.

Source: RHB Securities Research - 9 Aug 2021