• IJM closed 2 sen or 1.40% higher to RM1.45 yesterday.
• Share price has been consolidating for some time and recent price movement saw buying interest with positive signals in key indicators. Recent Budget 2021 seeing government’s commitment to implement key infrastructure projects may encourage follow through buying in construction stocks hence is likely to see bullish breakout.
• As such, resistance levels are identified at RM1.60 (R1) and RM1.74 (R2) level.
• On the downside, support levels are expected at RM1.42 (S1) and RM1.15 (S2).
Source: Rakuten Research - 9 Nov 2020
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IJMCreated by rakutentrade | Aug 23, 2024