Yesterday, IJACOBS advanced 3.5 sen to end at RM0.425. The share price underwent a sharp rally last month after IJACOBS announced its venture into the oil and gas industry through a reverse takeover (RTO). From a technical perspective, IJACOBS’s share price resembles the “Bullish Flag” chart pattern when the share price has penetrated the upper trend line resistance at RM0.40. Readings from the indicators suggest that buying momentum is healthy, and we suspect that another bullish move could be underway. Traders who are looking to buy into the stock could aim for RM0.56 (3 bids below the Flagpole measurement objective), while placing a stop-loss at RM0.37.

 

Source: Kenanga