IJMLAND’s technical picture has deteriorated after the share price broke down below the key support @RM2.55 recently. Similar to the share price, key indicators such as RSI, MACD, and Stochastics are biased to the downside, showing the down-cycle may potentially be prolonged. Should the share price fail to sustain above RM2.33 (Fibonacci support) in the coming weeks, we reckon the share price may go down further towards the stronger support @RM2.25 (5-years uptrend support level), where we suspect stronger buying interest is likely to emerge for a rebound play. Meanwhile, the key overhead resistance is pegged at RM2.55.

 

Source: Kenanga