We expect further upside for Eco World Development after posting a long positive candle and closed near its multi-year high on Friday. The stock’s move above the RM1.50 psychological mark coupled with rising EMAs indicate that the near term upward momentum may persist. A bullish bias may emerge above the RM1.52 level with stop-loss set at RM1.38, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM1.70, followed by RM1.80.

Entry : RM1.52–1.56

Target : RM1.70, RM1.80

Exit : RM1.38

Source: AmInvest Research - 20 May 2024