Non-AI stock which outperformed FBMKLCI

While most investors may have ignored IGBREIT, likely due to it being viewed as a boring stock with no AI association, the share price has risen by a respectable 22% to RM2.05. What is the technical outlook for the stock? Let’s find out.

Latest Quarterly Earnings Performance:

According to The Edge, “IGB Real Estate Investment Trust’s (KL:IGBREIT) net property income (NPI) for the second quarter ended June 30, 2024 (2QFY2024) rose 6.5% to RM109.48 million from RM102.79 million a year ago, due to higher rental income. Its revenue increased 5.95% to RM149.97 million from RM141.54 million, said IGB REIT, which owns the Mid Valley Megamall and The Gardens Mall, in a bourse filing. “

Full details here.

Technical Outlook: Positive uptrend with potential golden cross between 150 and 200 SMA.

Moving Averages: The stock price is trading well above its 50-day and 200-day moving averages, indicating a strong uptrend. The 150-day moving average appears to be crossing above the 200-day moving average, which is often considered a bullish signal (golden cross).

Volume: Volume seems to be relatively stable, with no significant spikes. This suggests that the current trend is not driven by unusual trading activity, which could imply that the move is sustainable.

Relative Strength Index (RSI): The RSI is at 73, which is in the overbought territory (above 70). This suggests that the stock may be due for a short-term pullback or consolidation. However, strong uptrends can sustain overbought conditions for extended periods.

Bollinger Bands: The price is currently trading near the upper band, which typically indicates that the asset might be overbought. However, the bands are widening, suggesting increasing volatility and the potential for continued upward momentum.

MACD: The MACD is in positive territory and above the signal line, supporting the bullish trend. The histogram bars are green, indicating increasing bullish momentum.

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