Eco World Development printed a long white candle to test the RM0.79 resistance in its latest session. With a rising RSI, there is a possibility it will break above the resistance level and move towards target price of RM0.85 and RM0.91. If it fails to cross above RM0.79, expect a sideway consolidation movement. Support is anticipated at RM0.73, whereby traders may exit on a breach to avoid the risk of a further correction.
Trading Call: Buy upon breakout above RM0.79
Target: RM0.85, RM0.91 (time frame: 3-6 weeks)
Exit: RM0.73
Source: AmInvest Research - 7 Aug 2019
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Created by AmInvest | Nov 25, 2024