Eastern & Oriental is on track to print a fresh 52-week high after rebounding from the support of MYR0.41 recently, on high trading volume. If the bullish momentum resumes, it may chart a fresh 52-week above the MYR0.50 threshold, followed by the next resistance point of MYR0.55. However, falling below the MYR0.38 support would indicate a downtrend, invalidating the prior breakout and leading the counter to correct below the 21- day SMA line.

Source: RHB Securities Research - 25 Aug 2023