Immediate hurdle for IJM Corp at RM7.20, says AllianceDBS Research

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KUALA LUMPUR (July 23): AllianceDBS Research said the immediate hurdle for IJM Corporation Bhd (IJM) was at RM7.20 and said IJM had on July 22 traded higher to RM7.09 on opening bell before closing near the day’s low at RM7.06 (up 1 sen or 0.14%).

In its evening edition yesterday, the research house said IJM continued to trade above the 20-day and 50-day moving average lines in the last 4 days.

“Following the up close on July 22, the stock is expected to move between RM6.85 and RM7.20 in the coming few days.

“A crossover of RM7.20 should see further price rise to the next overhead resistance zone, RM7.30 – RM7.60.

“However, a fall below RM6.85 would put pressure on the stock down to the subsequent support at RM6.70,” it said.

AllianceDBS Research said stock volume traded on July 22 was 2.58 million shares compared to the 3-month average volume of 4.86 million shares.

AllianceDBS Research said that indicators wise, the MACD was above the 9-day moving average line with the buy signal remains intact.

It said the relative strength index indicated that the stock was currently in the neutral zone.