IJM Corporation Berhad

• We expect further upside for IJM after it formed two consecutive white candlesticks to close above the EMAs and breaking out of its one-month rectangular pattern. With the 20-day and 50-day EMAs converging, a bullish crossover is likely to happen soon.

• Thus, we expect the upward trajectory to steer the stock higher and test the next resistance at RM3.18 (R1) followed by RM3.36 (R2) in the near term.

• On the downside, stop-loss is set at RM2.84

Source: Rakuten Research - 31 Dec 2024

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