Evergreen Fibreboard Berhad (EVERGRN, 5101)

• Share price closed 5.9% higher at RM0.54 on Monday.

• EVERGRN is pending breakout from its cup and handle formation. Buying interest is seen to resume today. It is trading above both the MA 20 and MA 50 line and indicators are showing uptick momentum, therefore share price is expected to move higher.

• Resistance levels are identified at RM0.55 (R1) and RM0.58 (R2).

• On the flipside, support levels are pegged at RM0.505 (S1) and RM0.495 (S2).

Source: Rakuten Research - 16 Aug 2022