IOI Corp is eyeing a bullish breakout after climbing above the 21- day SMA line and testing the immediate resistance level. The stock underwent a correction after falling below the 21-day SMA line. If it breaks past the MYR3.80 resistance level, a bullish bias will emerge. In this case, the stock will climb in a “higher high” pattern towards MYR4, followed by MYR4.20. However, a fall below the MYR3.65 support level would resume the correction phase.

Source: RHB Securities Research - 18 Jul 2024