IOI Properties Group is set to propel strongly, as it resumed its uptrend with a bullish breakout above the MYR1.19 on Friday, from surging trading volume. Riding the fresh “higher high” bullish pattern, the counter should propel strongly towards the next resistance pegged at MYR1.28 – the highest level since 18 Oct 2021, followed by MYR1.41, which was 5 Apr 2021’s high. Conversely, falling below the MYR1.12 support, forming a “lower low” bearish pattern, would dent sentiment and lead it to a downtrend.

Source: RHB Securities Research - 20 Jul 2023