IOI Properties Group may rise higher after it formed a long white candle and hit a new 52-week high on Friday. Given that the stock has also broken out from a 2-week bullish flag pattern, together with its bullish engulfing, we expect further upside from here. A bullish bias may emerge above the RM1.70 level, with stop-loss set at RM1.58, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM1.90, followed by RM2.00.

Entry : RM1.70–1.77

Target : RM1.90, RM2.00

Exit : RM1.58

Source: AmInvest Research - 9 Oct 2023