Eco World Development Group’s buying momentum is back after it broke out of the 4-week bullish rectangle pattern with a white candle on Thursday. As the stock also surged to a new 52-week high and coupled with its rising EMAs, we expect further upside from here. A bullish bias may emerge above the RM0.82 level, with a stop-loss set at RM0.76, below the 50-day EMA. Towards the upside, the near-term resistance level is seen at RM0.90, followed by RM0.95.

Entry : RM0.82–0.85

Target : RM0.90, RM0.95

Exit : RM0.76

Source: AmInvest Research - 10 Jul 2023