WASEONG

Sector: Energy (Energy Infrastructure, Equipment & Services )

Analysed on 17/10/2021

WASEONG traded at RM 0.765 on last Friday with immediate resistance and support at RM 0.82 and RM 0.73 respectively. The formation of higher high and higher low provides an indication that WASEONG is on uptrend. Both EMA25 and EMA50 are trending upward as well. The increasing number of active engineering, procurement and construction (EPC) project in the market will potentially boost WASEONG’s orderbook. However, investors shall monitor closely on the movement of oil price as weakness in oil price will hurt share price performance. Considering current price level, it is 7.2% gain and 4.6% loss to hit resistance at RM0.82 and support at RM0.73 respectively.

Reason to monitor: Potential Resistance Breakout

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