CGS-CIMB Research

Eco World Development Group - a New Year High Next?

Publish date: Thu, 29 Feb 2024, 10:53 AM
CGS-CIMB Research

Key Things to note (overnight recap)

The stock formed its fourth white candle in a row yesterday, as the stock continues on its recovery from the false breakdown (fake out move) last week. The fake out move likely suggests that the market is ready to lift prices to new highs in the coming days. The uptrend channel and the rising EMAS keeps the bulls in charge in the near-term.

Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are still holding above their respective neutral levels, keeping the bulls in control for now.

We think that aggressive traders may want to go long now with a stop-loss set at RM1.20 (marginally below the 50-day EMA). Follow-through buying may lift prices to a new 52-week high, targeting the Fibonacci targets at RM1.40 (1.382), RM1.44 (1.618) and RM1.49 (2.000) next.

Source: CGS-CIMB Research - 29 Feb 2024

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