Friday, July 15, 2011

CIMB Research has technical Buy on Hiap Teck

KUALA LUMPUR: CIMB Research has a technical Buy on Hiap Teck Venture at RM1.03 Hiap Teck Venture at which it is trading at a price-to-book value of 0.5 times.

It said on Friday, July 15 that Hiap Teck broke out of its descending wedge pattern on Thursday.

The rebound also lifted prices above its 30-day and 50-day SMAs and it believes there is still room to the upside. The following levels are RM1.09 and RM1.17.

The bullish divergence on its MACD indicator suggests that selling climate has tapered off. RSI too has hooked upward.

'Risk takers may start to nibble now. However, always put a stop at below RM0.995-0.95. A break below the RM0.91 would negate the bullish count,' it said.

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