IOI Properties under downward pressure, says AllianceDBS Research

KUALA LUMPUR (Nov 15): AllianceDBS Research said IOI Properties Group Bhd was under downward pressure and that IOI Properties had on Nov 14 traded lower to RM2.23 before closing at RM2.27 (down 7 sen or 2.99%).

In its evening edition yesterday, the research house said IOI Properties continued to trade below the 20-day and 50-day moving average lines.

“Following the down close on Nov 14, the stock is likely to move lower again with immediate support seen at RM2.15.

“A fall below RM2.15 should see further price decline to the subsequent support at RM2.

“The hurdle is pegged at RM2.35. A rise above RM2.35 would lift the stock to the next resistance at RM2.43,” it said.

AllianceDBS Research said stock volume traded on Nov 14 was 2.37 million shares compared to the 3-month average volume of 2.82 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 an oversold zone. — theedgemarkets.com