Econpile Holdings Bhd (5253)

• ECONBHD rose 4 sen or 6.5% to RM0.66 yesterday.

• Recent trading activities is supported by higher-than-average trading volume suggesting gaining traction on the buying momentum. Chart-wise, share price is currently testing its key 200-day moving average line at RM0.67 level, and breakout from this level should see share price to rise towards RM0.70 level.

• From here, resistance levels are identified at RM0.70 (R1) and RM0.74 (R2).

• On the downside, support levels are seen at RM0.59 (S1) and RM0.52 (S2).

Source: Rakuten Research - 10 Jun 2020