IOI Properties Group Bhd

• We believe buying interest for IOIPG may have returned following a break-out from the 1-week rectangular pattern with a long white candle yesterday. In view of the stock also broke out from the 1-month downward channel pattern last week, which coincides with its rising EMAs, the upward momentum may be present now.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistance of RM1.82 (R1) and RM1.90 (R2) in the near term.

• On the downside, stop-loss is set at RM1.61, below the 27 Nov’s low.

Source: Rakuten Research - 28 Dec 2023

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