Econpile Holdings Bhd (5253)

• ECONBHD rose 3.5 sen or 4.9% to RM0.755 yesterday.

• ECONBHD closed with a positive white candle on the back of higher trading volume yesterday buoyed by a pre-budget rally on construction stocks. Technically, key momentum indicators RSI and Stochastics are displaying positive upticks suggesting sustained buying momentum.

• Resistance levels are expected at RM0.78 (R1) and further to RM0.82 (R2).

• On the flip side, strong support levels can be found at RM0.72 (S1) and RM0.68 (S2).

Source: Rakuten Research - 9 Oct 2019