IJMPLNT has been rebounding from the lower Bollinger band for the past few days. Based on our observation, the share price is likely to rebound and reverse from the low after touching the lower Bollinger band. The Stochatics indicator is rebounding from the oversold territory, showcasing that buying interest is picking up. Moreover, the MACD histrogram is looking to undergo a positive crossover of the Signal line, further supporting our bullish view on the stock. With that, we believe that the share price could rally towards the immediate upper Bollinger band resistance of RM3.64 (R2). Meanwhile, immediate support level is RM3.40 (S1).

Source: Kenanga Research - 15 May 2015