KUALA LUMPUR (Dec 28): Rakuten Trade said buying interest for IOI Properties Group Bhd may have returned following a break-out from the one-week rectangular pattern with a long white candle on Wednesday.
In a technical view note on Thursday, the research house said that in view of the stock also breaking out from the one-month downward channel pattern last week, which coincides with its rising exponential moving average, the upward momentum may be present now.
“We expect the rising momentum is set to steer the stock higher and test the next level of resistance of RM1.82 (R1) and RM1.90 (R2) in the near term.
“On the downside, stop-loss is set at RM1.61, below the Nov 27’s low,” it said.
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Source: EdgeProp.my
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