Iskandar Waterfront City Bhd (IWCITY, 1589)

• We believe buying interests on IWCITY may have returned following a breakout from its 4-monthdownward channel pattern with a long white candle yesterday. The stock also broke out from the 2- week bullish flag pattern last week, that coincided with an upside gap. In addition, the 20-day and 50-day EMAs are converging thus likely to confirm its bullish crossover soon, suggesting that its bullish momentum is picking up further.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistanceof RM0.73 (R1) and RM0.80 (R2) in the near term.

• On the downside, stop-loss is set at RM0.54, below the 11 Dec’s low.

Source: Rakuten Research - 20 Dec 2023

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