KUALA LUMPUR (July 19): AllianceDBS Research said Hiap Teck Venture Bhd (Hiaptek) had on July 18 gapped up to reach a high of 35 sen before closing at the day’s low of 33.5 sen (up 1 sen or 3.07%).

In its evening edition yesterday, the research house said Hiaptek crossed above the 20-day (blue) MA line on July 18 to go between the 20-day and 50-day (red) moving average lines.

“The upside gap indicated the urgency to establish stock position.

“Following the weak up close on July 18, the stock is expected to move lower with immediate support at 33 sen.

“A fall below 33 sen would put pressure on the stock down to the subsequent support at 31.5 sen.

“The hurdle is pegged at 37 sen. A crossover of 37 sen should see further price rise to the next overhead resistance at 40 sen,” it said.

AllianceDBS Research said stock volume traded on July 18 was 13.0 million shares compared to the 3-month average volume of 2.69 million shares.