Stock Name: IJM
Company Name: IJM CORPORATION BHD
Research House: CIMB

KUALA LUMPUR: CIMB Retail Research says IJM Corp is still entrenched in an uptrend channel but its concern here is its sustainability.

It said on Tuesday, Aug 3 that if the candles dwindle below its 30-day SMA, most probably the RM5.16 high will be its near term peak. This would then drag the prices towards RM4.90, RM4.70 and RM4.47 next.

'MACD has staged a dead cross while its RSI has also fallen below the overbought territory. Near term gains are likely limited, with resistance seen at RM5.16-RM5.22,' it said.

'Use any rebound to sell into strength. Unless IJM can inch past the RM5.32 level, we believe the bears have the upper hand here,' it said.