Kenanga Research & Investment
Highlights / Stock Picks of the Day - IJM Corporation ("IJM") – Take Profit
Some two months ago (26 March @ RM5.45), we recommended a 'technical buy' on IJM when the share price broke above the crucial RM5.25 resistance level. In the subsequent weeks, the share price had gained as much as 55 sen (+10%) before paring its earlier gains to close at RM5.88 - up by 4 sen for the day. Of note, the share price met our RM5.97 target price in yesterday's trade. That said, a bearish "Evening Doji Star" candlestick has taken share on the daily chart. This puts us in an uneasy position, at least from a near term technical perspective. The MACD is also showing early signs of bearish divergence from the overall trend. Hence, we reckon that traders should consider taking some money off the table for now, and perhaps re-enter at a lower price, say in the RM5.30 region.
Source: Kenanga
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