IOIPG’s share price closed 5 sen or 2.1% higher at RM2.41 yesterday. The share price was observed staging an immediate reversal or rebound from Monday’s closing price as well as the support level of RM2.36 (S1). Both Stochastics and RSI indicators climbed from the oversold region to suggest a strong buying momentum but no clear indication from the MACD indicator which is still on a sideways movement. Following the reversal, we expect the share price to retest the next resistance level of RM2.64 (R1) should buying interest heats.

Source: Kenanga