Sunday, April 26, 2009

IOI Corp

IOI Corp has moved up together with price of palm oil. Since breaking out of the resistance of RM 4.00, this counter has gained RM 0.40 to close at RM 4.40. Not bad for a one month gain.

The counter is processing the high of RM 4.48 set in 7 Jan 2009. MACD indicator is about to go above its signal line. This is an indication that there may further strength in this rally. ADX is approaching 40 level with +DI above the –DI, another bullish indicator.

RSI is moving down from overbought level. However, so long as price stays above RM 4.20, the upwards momentum should be sustainable.

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