IOI Properties Group broke out from a 1-week bullish flag pattern yesterday, implying that its previous uptrend may have resumed. With the stock posting a long white candle and pushing near its multi-year high, upward momentum may be present now. A bullish bias may emerge above the RM1.70 level, with stop-loss set at RM1.58, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM2.00, followed by RM2.10.

Entry : RM1.70–1.82

Target : RM2.00, RM2.10

Exit : RM1.58

Source: AmInvest Research - 24 Oct 2023