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KUALA LUMPUR (Dec 6): Shares in IJM Corp Bhd (IJM) took a a breather and fell 1.99% in early trade this morning.
At 9.05am, IJM fell 6 sen to RM2.96 with 28,600 shares traded.
AllianceDBS Research said IJM had on Dec 5 traded within previous day’s range to form an inside day bar before closing at the day’s high of RM3.02 (up 12 sen or 4.13%).
In its evening edition yesterday, the research house said IJM continued to trade below the 20-day (blue) and 50-day (red) moving average lines.
“The inside day bar indicated a breather in the game play.
“Following the up close on Dec 5, the stock is likely to move higher with immediate hurdle at RM3.05.
“A crossover of RM3.05 should see further price rise to the next overhead resistance at RM3.15.
“The support is pegged at RM2.85. A fall below RM2.85 would put pressure on the stock down to the subsequent support zone, RM2.65-RM2.70,” it said.
AllianceDBS Research said stock volume traded on Dec 5 was 2.46 million shares compared to the 3-month average volume of 3.57 million shares.
The research house said that indicators wise, the MACD was below the 9-day moving average line with the sell signal remains intact.
It said the relative strength index indicated that the stock was currently in a neutral zone. — theedgemarkets.com
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