Econpile Holdings Bhd (5253)

• ECONBHD closed 0.7% or 0.5 sen lower to RM0.72 yesterday.
• ECONBHD has bottomed out at RM0.575 about a month ago and has since rebounded to above its crucial RM0.70 level. Chart-wise, the bullish uptrend channel remains intact as the share price is trading above all the key moving averages. Yesterday’s positive news of its RM67.7m adjudication proceedings is likely to spur further buying interest.
• As such, resistance levels are expected at RM0.75 (R1) and further to RM0.845 (R2).
• On the flipside, support levels are found at RM0.575 (S1) and RM0.520 (S2).

Source: Rakuten Research - 25 Jun 2019