KUALA LUMPUR (April 21): Shares of Hiap Teck Ventures Bhd rose more than 3% in early trade today after Hong Leong IB Research said although Hiap Teck could experience some profit taking activities after a 7.9% w-o-w spike, near term uptrend remains intact following its long term downtrend line breakout while staying above its 10-day, 20-day and 30-day simple moving average (SMA) trend lines.

At 9.08am, Hiap Teck rose 3.67% or 2 sen to 56.5 sen with 697,000 shares traded.

In a note today, the research house said that as long as immediate term support of 52 sen or 30-d SMA is not violated, near term uptrend remains intact, evidenced by the bullish daily and weekly MACD and slow stochastics indicators.

“Near term resistances are 57 sen - A decisive breakout above 57.5 sen (100-d SMA) will spur prices to retest 61.5 sen (38.2% FR) before reaching our long term price target at 66 sen (200-d SMA). Cut loss at 49. 5 sen,” it said.