IJMLAND’s technical picture begins to improve from  a short-term technical perspective after the share price formed a "Long White" candlestick yesterday. The single-day surge has taken out the 20-Day, 50-Day, and 100-Day SMA resistance levels, which may provide a potential upside breakthrough opportunity to the 6-weeks consolidation phase (RM2.80-RM2.95). Nonetheless, traders should mind the thin trading volume that might render this a false signal. Thus, we believe bargain hunting activity may potentially emerge once the RM2.95-RM3.00 resistance zone is taken out strongly. On the flip side, an immediate  downside support is seen at RM2.86 followed by RM2.74.

 

Source: Kenanga