Friday, July 22, 2011

Hiaptek- failure to launch!

Despite what looks like good news, Hiaptek suffered a failed breakout today. This could lead to a few days of correction. In view of this, you should try to square your position in this trade.



Chart: Hiaptek's 15-min chart as at July 22, 2011_11.50am (Source: Quickcharts)
at

14 comments:

  1. Eric SimFriday, July 22, 2011 12:24:00 PM

    Hi Alex,

    The meaning of "square your position" mean sell the shares?

    ReplyDelete
  2. JesseFriday, July 22, 2011 1:52:00 PM

    Hi Alex,

    I'm just wondering your opinion regarding BURSA. It seems to have rebounded in the past 2 days. Do you think it's worthwhile to chase it and wat is the resistance level for it?

    Thanks.

    ReplyDelete
  3. Alex LuFriday, July 22, 2011 2:50:00 PM

    Hi Eric

    'Square your position' means to sell what you have bought earlier. Some readers could have gotten into this stock when it broke above the downtrend line. The breakout is turning out to be a trap.

    ReplyDelete
  4. Alex LuFriday, July 22, 2011 3:02:00 PM

    Hi Jesse

    Bursa has broken above its medium-term downtrend line at RM7.70 in late June. Due to poor sentiment, the breakout did not recruit enough support to launch into an upleg. We will have wait & see whether things will change next few weeks. Its immediate resistance is at RM8.80.

    ReplyDelete
  5. Eric SimFriday, July 22, 2011 3:04:00 PM

    Thanks for your advice Alex. What is the current support for Hiap Tek based on your expertise?

    ReplyDelete
  6. Alex LuFriday, July 22, 2011 3:29:00 PM

    Hi Eric

    The immediate support is at RM1.10, RM1.05, RM1.00 & RM0.90.

    ReplyDelete
  7. Eric SimFriday, July 22, 2011 5:04:00 PM

    Hi Alex

    Do you think Hiap Tek will drop further on Monday?

    ReplyDelete
  8. RedsArmyFriday, July 22, 2011 9:31:00 PM

    hi alex,

    can u comment on Benalec? i bought at 1.46 and i wish to sell it at higher price but wonder what is the better price to sell. can u let me know your TP according to chart?
    TQ

    ReplyDelete
  9. HexSaturday, July 23, 2011 1:02:00 PM

    Hi Alex,

    What are your precautions if the US economy goes into default on Aug 2nd.

    ReplyDelete
  10. Eric SimSaturday, July 23, 2011 3:19:00 PM

    Hi Alex,

    Can you comment on Hiap Tek's proposed private placement annoucement and its co-operation agreement with Shougang Singapore on 22 July? What is the impact on Hiap Tek share prices? Thanks.

    ReplyDelete
  11. ChrisSunday, July 24, 2011 4:03:00 PM

    Hi Alex, do you mind giving a comment on Hartalega? Thank you.

    ReplyDelete
  12. limchohooiMonday, July 25, 2011 9:29:00 AM

    Stop loss Hiaptek at 1.10

    ReplyDelete
  13. Alex LuWednesday, July 27, 2011 2:12:00 PM

    Hi RedsArmy

    Benalec is a profitable company involved in land reclamation. Chartwise, it is trading sideway with a slight upward bias. Its immediate uptrend line support is at RM1.48-1.50 while its immediate resistance is at the horizontal line at RM1.58-1.61.

    ReplyDelete
  14. Alex LuWednesday, July 27, 2011 2:17:00 PM

    Hi Chris

    Hartalega is a profitable rubber glove producer. It manages to maintain its high profit margin as it was mainly involved in the production of nitrile glove, which did not suffer margin compression as the raw material did not go up as much as rubber latex (the main raw material for the production of rubber glove).

    Chartwise, it is trapped within a descending triangle, with resistance at RM5.60 & support at RM5.35. A breakout above or below these levels would point the way forward.

    ReplyDelete