ECOWLD attracted investors’ interest and has broken out from its ‘Flag’ chart pattern to close at 2.44 (+6.55%). Chart-wise, ECOWLD is trading above all its SMAs and supported by high daily trading volume. However, key indicators such as Stochastic and RSI have entered into overbought territory, hinting the possibility of consolidation in the near-term. Should the anticipated consolidation materialize, interested traders may revisit the stock at a more compelling level, say RM2.28 (which is also its immediate support level). Meanwhile, the immediate resistance level is seen at RM2.53.

Source: Kenanga