KUALA LUMPUR (Dec 29): OSK Retail Research said INTEGRATED RUBBER CORPORATION BHD’s (IRCB) share price has already retraced back to 15.5 sen, which is the opening level of the strong intra-day rally on Oct 20.
It said on Thursday that on that day, the stock rallied 29% and the opening point of such strong price action was normally perceived as strong buying support.
“As IRCB’s volume had noticeably increased yesterday, there is a possibility that the stock will start rebounding from here and towards the 200-day MAV line. “Traders could consider accumulating the shares at the current level and bet for a rebound to emerge near the 15.5 sen level,” it said.
OSK Research said the 200-day MAV line, which now lies at the 18 senlevel, represented the upside target. On the flip side, the stop loss is pegged at below the 15.5 sen level.
It said on Thursday that on that day, the stock rallied 29% and the opening point of such strong price action was normally perceived as strong buying support.
“As IRCB’s volume had noticeably increased yesterday, there is a possibility that the stock will start rebounding from here and towards the 200-day MAV line. “Traders could consider accumulating the shares at the current level and bet for a rebound to emerge near the 15.5 sen level,” it said.
OSK Research said the 200-day MAV line, which now lies at the 18 senlevel, represented the upside target. On the flip side, the stop loss is pegged at below the 15.5 sen level.
