Impiana Hotel Bhd (7243)

• IMPIANA gained half a cent or 12.5% to RM0.045 last Friday.
• Share price hit a high of RM0.08 on 11 Apr 2019 before pulling back to hit a low of RM0.04. However, last Friday’s close saw a gain with higher-than-average volume, signifying the low of RM0.04 to be the floor and is building the base for trend reversal.
• IMPIANA which has seen the injection RM426m of hotel business is set to return to profitability.
• Furthermore, key momentum indicators are showing sign of oversold thereby we believe share price has bottomed and is due for a rebound. • From here, immediate resistance levels are identified at RM0.050 (R1) and further to RM0.055 (R2).
• Likewise, support levels are expected at RM0.040 (S1) and RM0.035 (S2).

Source: Rakuten Research - 13 May 2019