PublicInvest Research

Technical Buy - ECOMATE (0239)

Publish date: Tue, 23 May 2023, 11:56 AM
0 10,282
An official blog in I3investor to publish research reports provided by PublicInvest Research team.

All materials published here are prepared by Public Investment Bank Berhad. For latest offers on Public Invest trading products and news, please refer to:

9th Floor, Bangunan Public Bank
6, Jalan Sultan Sulaiman, 50000 Kuala Lumpur
T 603 2031 3011 | F 603 2272 3704 | Dealing Line 603 2260 6718

  • Target Price:RM0.730, RM0.765
  • Last closing price:RM0.695
  • Potential return:5.0%, 10.0%
  • Support :RM0.690
  • Stop Loss:RM0.640

Possible for sideways breakout. ECOMATE is potentially staging a breakout  from its sideways channel, with anticipation of continuous improvement in both  momentum and trend in the near term. Should immediate resistance level of  RM0.730 be broken with renewed buying interest, it may continue to lift price  higher to subsequent resistance level of RM0.765.

However, failure to hold on to support level of RM0.690 may indicate weakness  in the share price and hence, a cut-loss signal.

Source: PublicInvest Research - 23 May 2023

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