IOI Corporation climbed and hit the RM3.85 resistance level. With its 21-day- moving average in an uptrend, coupled with a higher trading volume, we see a possibility for a technical breakout. If this happens, we expect it to move towards the short-term target prices of RM4.01 and RM4.08. The downside support is projected at RM3.69. Traders are advised to exit on a breach to avoid further losses.
Trading Call: Buy on breakout RM3.85
Target: RM4.01, RM4.08 (time frame: 2-4 weeks)
Exit: RM3.69
Source: AmInvest Research - 10 Feb 2022
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