Quick take: Hartalega shares continue uptrend, adding 3.8%

KUALA LUMPUR: Shares in Hartalega Holdings Bhd continued its uptrend in early trade Tuesday.

The world’s largest nitrile glove producer advanced 3.89%, or 26 sen to RM6.94 with 1.6 million shares traded.Hartalega has gained 80 sen since last Tuesday.

PublicInvest Research said there is a possible uptrend continuation on Hartalega.

“Hartalega is extending its uptrend gradually. Improving RSI and MACD indicators currently signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in the near term.

“Should the resistance level of RM6.89 be broken, it may continue to lift prices higher to subsequent resistance levels of RM6.93 and RM7.11,” the research house said.

However, PublicInvest said failure to hold on to the support level of RM6.59 may indicate weakness in the share price and hence, a cut-loss signal.

It said the stop loss level is at RM6.33

Source: TheStar