Tuesday, February 8, 2011

IOI CORPORATION Trading Ideas - Pending For A breakout

IOICORP has consistently moved within a well-defined upward channel since December 2008, with immediate UTL (up-trend-line) support near RM5.50. Owing to its high weightage in FBM KLCI, strategic follow through buying usually emerges nearer its support base.

Technical indicators are on the mend. MACD is poised for a positive crossover while RSI and slow stochastics indicators are hooking upward.

Immediate support levels are RM5.66 (120-d SMA), followed by RM5.50 (UTL). Meanwhile, resistance levels are situated at RM5.89 (20-d SMA), RM6.00 psychological barrier, 52-week high of RM6.16 (50% FR –weekly chart). A break above RM6.16 will see upside targets of RM6.53 (38.2% FR).

IOICORP weekly chart indicates that it is moving well within the up-trend-line (UTL) channel.
IOICORP Trading Research 09-02-2011

Daily IOICORP chart shows that it is pending for a breakout as technical readings are on the mend.
IOICORP Trading Research 09-02-2011a

Source:HLebroking

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