In the past two months, IRIS has been trading range bound between RM0.45 and RM0.40 levels with low volume. However, interest in this stock seems to have been revived since the announcement of a contract with the Bangladesh Department of Immigration & Passports, with its share price gaining 3.5 sen (8.33%) yesterday accompanied by a spike in volume. A breakout from its Fibonacci resistance is observed at RM0.45. Strong buying pressure is seen with MACD poised to cross over the Signal line positively. Buying momentum appears to be getting stronger with Stochastic and RSI indicators hooking upwards. We believe follow through buying interest could rally the share price towards RM0.48 (R1) and possibly RM0.54 (R2) further.

Source: Kenanga