IJM Corporation Berhad (IJM) settled at RM2.98 yesterday, up 2.05% as the stock continues to consolidate within a symmetrical triangle pattern.

This formation suggests that the stock may be preparing for a breakout as it approaches the apex, potentially signalling a shift in trend.

Tuesday's closing price of RM2.98 is clearly nearer to the 52 Week high at RM3.76 than the low at RM1.75.

According the technical analysis of Kenanga Investment Bank Bhd (Kenanga Research), the selling pressure for IJM is diminishing and some momentum is building for further gains.

The immediate resistance is at RM3.01, followed by RM3.20. A successful breakout above these levels could push the stock higher towards RM3.40, representing the next key resistance zone.

On the downside, the immediate support is marked at RM2.87, with stronger support near RM2.80, which should provide a cushion against potential pullbacks.

For traders seeking to capitalise on the anticipated breakout, accumulating shares near the RM2.95─RM2.98 range may present strategic entry points.

A take-profit target at RM3.19 offers an upside potential of approximately 7.0%, while a stop-loss at RM2.78 limits the downside risk to around 6.7%. This setup provides a favourable risk-reward ratio for short-term traders aiming to ride the potential breakout in IJM's price movement.