IOI Properties is poised to extend the bullish trajectory after climbing above the resistance on strong volume. Yesterday, the counter charted a long bullish candlestick and closed above the MYR2.27 breakout point, showing strong bullish momentum is underway. After the breakout, expect a follow-through price action to test MYR2.50, followed by MYR2.75. However, if it pulls back below the MYR2.10 support level, this will negate the bullish setup.

Source: RHB Securities Research - 16 Oct 2024