IJM Corporation Bhd (IJM, 3336)

• Share closed 1.92% higher at RM1.59 on Friday.

• IJM has been in a consolidation mode and trending below its MA 200 line over the past 4 months. However, share price closed above its MA 20 and MA 50 lines last Friday with decent buying volume indicating a possible rebound soon. Coupled with indicators showing uptick momentum, share price is expected to move higher.

• Resistance levels are identified at RM1.62 (R1) and RM1.65 (R2).

• On the flipside, support levels are pegged at RM1.54 (S1) and RM1.49 (S2).

Source: Rakuten Research - 13 Feb 2023

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