IJM broke above its immediate downtrend line resistance at RM3.50. In addition, it has surpassed its December high of RM3.32 last Wednesday (Jan 7) and its 20-day SMA has cut above its 50-day SMA on Monday (Jan 12). With all these positive signs, I believe IJM could be testing the RM4.00 psychological level soon.
Chart: IJM's daily chart as at Jan 8, 2009 (source: Tradesignum.com)
IJM remained a good BUY for long-term investment.
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