KUALA LUMPUR: CIMB Retail Research says IJM Corp is still entrenched in an uptrend channel but its concern here is its sustainability.
It said on Tuesday, Aug 3 that if the candles dwindle below its 30-day SMA, most probably the RM5.16 high will be its near term peak. This would then drag the prices towards RM4.90, RM4.70 and RM4.47 next.
'MACD has staged a dead cross while its RSI has also fallen below the overbought territory. Near term gains are likely limited, with resistance seen at RM5.16-RM5.22,' it said.
'Use any rebound to sell into strength. Unless IJM can inch past the RM5.32 level, we believe the bears have the upper hand here,' it said.
It said on Tuesday, Aug 3 that if the candles dwindle below its 30-day SMA, most probably the RM5.16 high will be its near term peak. This would then drag the prices towards RM4.90, RM4.70 and RM4.47 next.
'MACD has staged a dead cross while its RSI has also fallen below the overbought territory. Near term gains are likely limited, with resistance seen at RM5.16-RM5.22,' it said.
'Use any rebound to sell into strength. Unless IJM can inch past the RM5.32 level, we believe the bears have the upper hand here,' it said.
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