Friday, April 8, 2011

CIMB Research sees breakout in Hai-O Enterprise share price

KUALA LUMPUR: CIMB Retail Research said Hai-O Enterprise has been gyrating in a descending wedge pattern for months.

It said on Friday, April 8 that recently, the share price hit a low of RM2.07 before bouncing a tad higher to current levels.

On Thursday, prices went close to test its 30-day SMA. A breakout would be medium term positive for the stock.

'The bullish divergence on the MACD suggests that momentum has picked up. RSI too has turned upward.

'Risk takers may start to nibble now ahead of the breakout. Next resistance is seen at RM2.43 and RM2.59. Always put a stop at below RM2.16,' it said.

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