IJM (Not Rated)

• IJM rallied 24.0 sen (8.76%) to end at RM2.98 on Monday.
• From a charting perspective, the share appears to have bottomed out after multiple rebounds from the RM2.53 support level over the past 2 months.
• Monday’s move saw the share closing above the 100-day SMA, completing a ‘Golden Crossover’.
• With the technical outlook improving, expect follow through buying that will see it head towards RM3.07 (R1) with further resistance at RM3.20 (R2).
• Immediate support can be identified at RM2.79 (S1) while a break below it will see the next support at RM2.53 (S2).

BJLAND (Not Rated)

• Monday’s close, BJLAND gained 3.0 sen (10.34%) to close at RM0.320
• The recent rallies by BJLAND could suggest a downtrend reversal as the share appears to have bottomed out last week.
• Over the past few days, it has been firmly hovering above the 20-day and 50-day SMAs with trading volume notably stronger than the average.
• Momentum indicators are generally positive as displayed by the uptrend of the MACD above Signal-line as well as upticks in both RSI and Stochastic.
• Should buying interest sustain, expect the BJLAND to rally towards RM0.320 (R1) with a decisive breakout would see the share on a clear path towards higher resistance at RM0.370 (R2).
• Otherwise, expect retracement with immediate supports level at RM0.280 (S1) and RM0.245 (S2).

Source: Kenanga Research - 2 May 2018