Closed:                    47.5 sen

Resistance:              (R1) 50 sen / (R2) 56.5 sen

Support:                  (S1) 43 sen /(S2) 37.5 sen

Eco World Development Group Bhd (8206) rose 3 sen to 47.5 sen yesterday to breach the 200-day moving average (orange line).

Technical indicators are encouraging with the MACD rising above its signal line and the RSI entered the overbought zone.

After the recent surge, the stock could pull back on profit taking but has a chance to extend its rebound if share price sustains above its immediate support of 43 sen marked the 200-day moving average (orange line) and 23.6% Fibonacci retracement level.