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M+ Wiz: HARTALEGA

Are you aware that some M+ Wiz alerts are highlighted Blue in colour? All these highlighted counters are our traders’ preferred counters for a potential momentum setup and weekly swing setup. This would be convenient for some beginner traders who are struggling to choose the right stock to trade for the day.

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For example, HARTA (5168) is one of our momentum stock picks today. It was highlighted at 9.22am and alerted once again at 9.30am. The alert on HARTA was triggered as the price action met our rule: [Trend] Buyers Intact when it broke above previous day high and resistance level of RM7.20

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[Trend] Buyers Intact, only detects counters that are trending upwards and potentially moving higher. On a daily chart, HARTA is illustrating an upward swing amid the ongoing Covid-19 crisis. As the trend stays positive and price continues to trade higher, it meets and triggers on our Buyers Intact trading rules. However, do take note that there is a divergence on price and volume whereby the volume traded on HARTA is lower even the price has been moving higher. 

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For those who are cautious on a potential top on HARTA, one can consider using our Support & Resistance feature to identify the important levels. Using this feature, we can identify RM7.45 as a potential resistance while RM6.74 as the support level to be watched out.

HARTALEGA is the world’s most valuable and largest Nitrile glove manufacturer. It is also one of the FBMKLCI Top 30 largest public listed companies in Malaysia. HARTA’s share price has been on upward trending since the outbreak of COVID19 virus in January with increased demand in medical glove. 

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M+ Wiz

Disclaimer: This is not a buy or sell recommendation. We encourage you to research on the particular stock or get in touch with your remisier/dealer for assistance before making your decision.