Eco World Development Berhad

• Buying interests on ECOWLD returned back after it pushed out from a ten-week ascending triangle pattern to surpass RM1.35 resistance with a long white candle few sessions ago. In view of the stock posting 7 consecutive white candles coupled with the 20-day EMA pointing upwards, this suggests the uptrend may continue in the near term.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistance of RM1.55 (R1) and RM1.60 (R2) in the near term.

• On the downside, stop-loss is set at RM1.24, below the 50-day EMA.
  
  

Source: Rakuten Research - 20 Mar 2024

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