• Since end of June 2014, IFCAMSC’s share price has been riding on bulls from RM0.125 to all-time high of RM1.87 on 20 May 2015, building a strong longterm uptrend line. Recent retracement from all-time high presents a good trading opportunity as the stock is grossly oversold and begins to stage a technical rebound (sign of resumption of long-term uptrend).
• Share price has been well-supported by 100-d SMA for the past 1 year (refer daily chart). Thus, we opine that recent retracement has ended given that price was able to hold above the 100-day SMA (RM1.31) and started to resume its long-term uptrend as daily oscillators begin to bottom out. Moreover, widening Bollinger band and bullish oscillators (RSI, MACD and Slow Stochastics) on hourly chart show strong buying momentum.
• In tandem with potential technical rebound view on ACE market, we are targeting RM1.56 (10-d SMA) and RM1.68, with a long-term objective of RM1.87 (all-time high). Immediate supports are pegged at RM1.45. Cut loss below RM1.40.

Source: Hong Leong Investment Bank Research - 2 Jun 2015