Stock Picks Of The Day – IOI Corporation, Swift Haulage

IOI Corporation is in the midst of scaling higher after breaking past the MYR4 psychological resistance.

RHB Retail Research, in a note today (July 24), said they observed that the volume is increasing in tandem with the share price – showing strong bullish momentum is underway.

The stock is eyeing to test next resistance at MYR4.20, followed by the MYR4.50 level.

Meanwhile, falling below the MYR3.80 support will negate the bullish setup.

Swift Haulage has staged a bullish breakout, and is eyeing to extend the upside movement.

RHB observed the stock broke past the MYR0.475 resistance on strong volume and charted a fresh “higher high” bullish pattern.

If the momentum sustains, the stock should climb towards the next resistance pegged at MYR0.50, followed by MYR0.52.

On the other hand, falling below the MYR0.455 support would dent market sentiment and set off the correction phase.

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