Eco World Development Group broke out from a 2.5-month bullish ascending triangle pattern on Friday, implying that its previous uptrend may have resumed. The stock’s move above the key RM1.35 resistance also coincides with a new multi-year high, indicating that a bullish outlook can be anticipated here. A bullish bias may emerge above the RM1.35 level with stop-loss set at RM1.23, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM1.50, followed by RM1.60.

Entry : RM1.35–1.38

Target : RM1.50, RM1.60

Exit : RM1.23

Source: AmInvest Research - 18 Mar 2024