IGB closed right
at the 4-month support level yesterday and a close below this level today
should see it heading lower. Thus, positions can be exited on close below
RM2.70 and support lies at the Fibonacci
retracement of the Oct-March rally at
RM2.50 and RM2.35. However, a close back above RM2.80 indicates that support is
holding and a sustained close above RM2.90 should see the stock trading higher.
Ideal Jacobs is
likely to trade higher after closing the
highest in 10 months yesterday.
Purchases can be made above RM0.21 with a close below the
May-high of RM0.19 as the stop loss. The price target is the prior
important levels of RM0.28 and RM0.34. A close below RM0.19 may not bode well for
the trade but expect strong support at the 9-month low of RM0.16
MMC Corp is
likely to fall further after it closed the lowest in 5 months. Liquidation can
be undertaken below RM2.60 and support is expected at the prior lows of RM2.40
RM2.60. The weak bias will be negated should the stock close back above the 1-month high of RM2.75. If so, look for the stock to trade higher with strong resistance
at RM3.00.
Muhibbah is
likely to trade lower after it failed to close back above the broken support of
RM1.23. Positions can be liquidated
below the 2-week low of RM1.17 and
support is expected at the 23
Dec 2011-gap of RM1.08-RM1.12 and Dec 2011-low of RM1.00. A close back above
RM1.23 will nullify the weak bias and this could lead to a rebound. Strong resistance
lies at the April-high of RM1.40.
Ivory is expected
to trade lower after closing at the lowest since its debut. In fact, the
downside pressure should keep the
price low as long as it stays below
RM0.52. Thus, positions can be liquidated if the stock remains below RM0.52.
Support is expected at the round figures of RM0.45 and RM0.40. However,
a rebound is on the cards should RM0.52 be violated. Resistance lies at RM0.55
and RM0.575.
Hibiscus is
likely to fall further after closing at the lowest levels since its April high.
Thus, positions could be liquidated below RM1.45 or if possible, on rebound
towards RM1.56. Support remains at RM1.25 and
the psychological RM1.00. A close
above RM1.56 may spark a rebound and resistance still lies at the prior high of
RM1.84.
Source: OSK
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