Eastern & Oriental Bhd (E&O, 3417)

• E&O is eyeing to stage a bullish breakout to above the immediate resistance of RM0.615 and fromits 2-months rectangular pattern. With the stock posting 3 white candles in a row and the 20-day EMA is starting to turn upward, we believe there is a favourable prospect for the stock to experience an upward breakout in the near term, potentially extending the current uptrend.

• In the event it breaks above the RM0.615 threshold, this will improve market interests and should liftthe stock towards the subsequent level of RM0.66 (R1), followed by RM0.70 (R2).

• On the downside, stop-loss is set at RM0.53.

Source: Rakuten Research - 22 Dec 2023

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