Integrated Logistics Bhd (stock code 5614) Trading/Services – RM1.02.
below: ILB Pennant pattern (click to enlarge)
The share price jumped and staged a breakout of the upper resistance line recently, opening up a new technical outlook for ILB. However, it is facing some resistance at the RM1.10 range that forced a consolidation, resulting in a pennant formation. A player in the logistic industry, sentiment for ILB will benefit from the resurgence in logistical demand and provide support.
At this juncture, the share price can breakout in either direction that will set it medium-term trend. A positive breakout will see RM1.10 breached which also constitute a trading signal but a negative move will see RM1.00 tested on the downside and more losses will likely follow. Trade if it moves above RM1.10.
by Mercury Securities