We expect further upside for IOI Properties Group given that it took out the 3-month downtrend line a few sessions ago. With the stock posting a white candle and pushing near its multi-year high, upward momentum may be present now. A bullish bias may emerge above the RM1.80 level, with stop-loss set at RM1.68, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM2.00, followed by RM2.10.
Entry : RM1.80–1.89
Target : RM2.00, RM2.10
Exit : RM1.68
Source: AmInvest Research - 12 Jan 2024
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