Econframe Bhd Bhd (EFRAME, 0227)

• EFRAME dropped 2.0% or 1 sen to RM0.48 yesterday.

• EFRAME has been trading downward since touching an all-time high of RM0.695 in early March 2021. However, yesterday’s price action may suggest the selling is overdone as share price formed a hammer pattern – implying possible trend reversal and key technical indicators are signalling oversold signals as well.

• From here, resistance levels are expected at RM0.51 (R1) and further to RM0.56 (R2).

• On the downside, support levels are set at RM0.46 (S1) and RM0.43 (S2).

Source: Rakuten Research - 1 Apr 2021