E&O was up 12 sen (3.99%) on Monday and has been on an ascending trend since its land acquisition deal earlier this month. Chart-wise, formation of a bullish ‘Long Day’ candlestick chart pattern is observed with the share price staying above its 3 key SMAs signalling bullishness. MACD remained in an uptrend, lending a hand to the bullish bias. RSI and Stochastic indicators have been hooking upwards, suggesting buying momentum is pilling up. Should the bullish momentum persist, we expect the share price to retest the RM3.29 (R1) level and possible RM3.39 (R2) further. Traders should employ a stop-loss 3 bid below RM3.00 (S1) at RM2.97.

Source: Kenanga