IJM may rise further after closing at a 6-month high. A position can be initiated if the stock closes above RM5.25, with a close below RM5.10 as stop-loss. The price target is RM5.65, with selling anticipated at RM5.50. Failure to get above RM5.250 will likely see the stock trade sideways. Supports lie at RM5.00 and a stronger one at RM4.80.
Genting’s downside risk rose after the stock closed below RM9.50 for 2 consecutive days. A trader may liquidate if the stock stays below RM9.50, with supports seen at RM9.30 and the round figure of RM9.00. However, buying could quickly return if the stock closes above RM9.63. the resistance levels are the prior highs of RM9.80 and RM10.10.
Source: RHB
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