IJM Corp Bhd
is undergoing a consolidation phase after a stellar rally last week.
The share is taking a breather as the slow-stochastic index neutralises from overbought levels, although the daily moving average convergence/divergence (MACD) histogram is still extending positive bars, indicating the continuation of an uptrend.
Based on the robust momentum, the rally is expected to pick up again with the initial resistance seen at the recent high of RM2.15 while a higher target can be found at RM2.37
Support levels are pegged to RM1.95 and RM1.85.
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