On Tuesday, IRCB rose 2 sen to close at 41 sen on increased volume. As a result, IRCB has broken out from a 4-month long “Symmetrical Triangle” to establish a new uptrend. The key indicators have also shown some improvements and are firmly upward biased now. IRCB could potentially retest its recent highs of 44.5 sen and 55 sen next. Downside seems limited from here, and we expect strong support buying to emerge at the 38 sen level.
Source: Kenanga