HIL’s consolidation phase completed, says RHB Retail Research

HIL’s consolidation phase completed, says RHB Retail Research
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KUALA LUMPUR (Oct 28): RHB Retail Research said HIL Industries Bhd’s consolidation phase has been completed, and the stock is ready to extend the uptrend, testing the immediate resistance level of RM1.07.

In a trading stocks note today, the research house said riding on a strong closing yesterday, coupled with a higher trading volume, the stock may break out from the resistance soon.

“If this happens, the bullish momentum may send the stock price towards the next hurdle near RM1.12, followed by RM1.20.

“A downside breach of the 97 sen support would negate this expectation, and trigger a further stock price correctionm” it said.