Econpile Holdings Bhd (ECONBHD, 5253)

• ECONBHD underwent a 27% corrective decline after reaching its peak at RM0.395 in mid-Oct. Thecurrent share price is showing signs of bottoming out, suggesting a potential reversal of the downtrend. Coupled with its MACD trend up above the zero line, indicating that the uptrend remains intact. RSI also has moved into oversold territory, hinting at a possible resurgence in buying interest.

• Potential upside towards the RM0.33 to RM0.35 range upon a successful breakout above theimmediate resistance at EMA 50 line (RM0.30).

• On the downside, stop-loss is set at RM0.265, below 14 Sept’s low.

Source: Rakuten Research - 2 Nov 2023

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