Jul 6, 2010

IJM - sideway with upward bias expected

Chart wise : Within upward sloping channel…….
IJM (stock code 3336) had on 5/7/2010 traded higher to a day high of RM4.99 before settled at RM4.93.
malaysia-ijm above: IJM chart (click to enlarge)

Price Direction ….. 
In view of an increase in market participation, the stock could be expected to trade sideways with upside bias in coming day(s) with an overhead resistance pegged at  RM5.05  and support at RM4.85. 

What to watch for …. 
A turnaround of prices to close below RM4.85 level would see an immediate short term reversing direction in the stock.

by Mercury Securities