Rakuten Trade Research Reports

Technical View - Econpile Holdings Bhd (ECONBHD, 5253)

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Publish date: Thu, 02 Sep 2021, 02:47 PM
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• ECONBHD closed 2.41% higher at RM0.425 on Wednesday.

• There was a formation of descending channel since 12 March. Recently, ECONBHD broke out above the upper band of descending channel at RM0.415 and we see buying interest at the last two trading hour yesterday. Coupled with its bullish signal shown in MACD, there is a high possibility for the stock to challenge higher levels.

• Hence, resistance levels are identified at RM0.445 (R1) and RM0.475 (R2).

• On the contrary, support levels are pegged at RM0.400 (S1) and RM0.380 (S2).

Source: Rakuten Research - 2 Sept 2021

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