IBHD’s share price gained 16.0 sen (4.53%) to close at RM3.69. Surge in trading volume was observed yesterday given its bright earnings prospects with multiple development plans in I-City and KLCC area in the pipeline. From a technical perspective, a breakout from its Fibonacci resistance is seen at RM3.57 with share price hovering above all its 3 key SMAs. MACD is also looking positive with further positive divergence seen yesterday. Stochastic indicator is still in an uptrend albeit being in slight overbought territory while RSI is still trending up, signifying strong buying momentum. We believe follow-through buying interest could rally the share price towards RM3.82 (R1) and possibly RM4.04 (R2) next.
Source: Kenanga
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