IOI Properties (IOIPG | 5249)

Last Price: RM2.25 | Technical Call: BUY

IOI Properties may trend higher after it surged to a 3-month high and closed above the RM2.20 resistance yesterday. The stock also posted two positive candles in a row and broke out of the 3-week bullish flag pattern, likely suggesting that upward momentum is picking up further. A bullish bias may emerge above the RM2.20 level with stop-loss set at RM2.04, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM2.40, followed by RM2.55.

Entry: RM2.20-2.25

Target: RM2.40, RM2.55

Exit: RM2.04

Source: AmInvest Research - 9 Oct 2024