04 Jan 2012
IGB Corporation Berhad (IGB) is an investment holding and property development company. Through its subsidiaries, the company has operations in hotel management, project management, and provides construction services.
IGB made a major daily Wave 5 low of RM1.75 on 4 October 2011, with oversold and bullish divergent signals. Furthermore, all its positive indicators are very strongly supportive of much further Wave 3 upside. We feel that IGB will surge further in the period mentioned above.
SHORT-TERM BUY (TECHNICAL) on dips for IGB with its firm support areas of RM2.27 and RM2.66. The potential Wave 3 & 5 upside target areas is located at RM3.00, RM3.24 and RM3.78. Stop-loss is at RM2.25.
Some trading stocks that we like are: AEONCR, AFG,
GENTING, HANDAL, HIBISCS, IGB, JCY, KIANJOO,
LATEXX, MPHB, PERISAI, RSAWIT, SEACERA,
SUNWAY, SUPERMX, TENAGA, TIMECOM,
UOADEV and YHS.
FBM KLCI: Key Points
- IGB – On a very firm Wave 3 surge up
- FBMKLCI – May re-test resistance levels
- Obvious supports of 1,490 & 1,513
- 1,516 & 1,530 may cap the rebounds
(Information from MBB)
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