Ekovest Bhd (EKOVEST, 8877)

• Share price closed 4.9% higher at RM0.43 on Wednesday.

• EKOVEST is undergoing a rebound with its morning doji star candlestick formation after the price plunge starting end of February. There was also a Green Marubozu candlestick formed yesterday indicating strong buying interest in infrastructure contractor players company following the news that MRT 3 tender to be opened this year.

• Coupled with uptick in its indicators and MACD bullish crossover formed yesterday, we anticipate the share price to continue its rebounding trend.

• Resistance levels are identified at RM0.435 (R1) and RM0.455 (R2).

• On the flipside, support levels are pegged at RM0.405 (S1) and RM0.385 (S2).

Source: Rakuten Research - 17 Mar 2022