IRCB’s share price has already retraced back to RM0.155, which is the opening level of the strong intra-day rally recorded on 20 Oct 2011. On that day, the stock rallied 29% and the opening point of such strong price action is 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 RM0.155 level. The 200-day MAV line, which now lies at the RM0.18 level, represents the upside target. On the flip side, the stop loss is pegged at below the RM0.155 level.
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