IOI Properties Group may trend higher after it surged to a new multi-year high and closed above the RM2.36 resistance with a long positive candle yesterday. As the stock also broke out of the 4-month bullish rectangle pattern, it may see additional strength in the near term. A bullish bias may emerge above the RM2.36 level with stop-loss set at RM2.22, below the 20-day EMA. Towards the upside, near-term resistance level is seen at RM2.70, followed by RM2.80.

Entry : RM2.36–2.50

Target : RM2.70, RM2.80

Exit : RM2.22

Source: AmInvest Research - 14 May 2024