HENG Huat Resources retraced from an all-time peak of 53 sen on July 23 to a four-month low of 35.5 sen on July 18 owing to an apparent profit-taking activity before turning range-bound, undergoing consolidation. The trend ahead is pretty straightforward. A clear penetration of the upper 50-day simple moving average of 45 sen would lead to a re-test of the historical peak. On the opposite, a crack of the 35 sen floor will see prices retreating towards the 30 sen mark on extended correction process.
IOI Properties
touched an all-time low of RM1.79 on July 8 before drifting sideways attempting to build a base for recovery. The immediate resistance is pegged at the 100-day simple moving average (SMA) of RM1.99, followed by the 200-day SMA of RM2.10, of which a successful breakout would see the fate of this counter changing for the better.
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