• IPMUDA closed 5.4% or 6 sen higher to RM1.18 yesterday.

• Yesterday’s hammer formation signals a bullish reversal following the decline from high of RM2.20. IPMUDA has also found its strong support at RM1.07 (at 23.6% Fibonacci level). Selling pressure is likely overdone as share price has just bounced off from oversold level, implying re-emergence of buying interest and thus we expect the reversal to continue in the near term.

• Resistance levels are anticipated at RM1.32 (R1) and RM1.40 (R2).

• Conversely, support levels are set at RM1.07 (S1) and RM1.00 (S2).

Source: Rakuten Research - 2 Jul 2021