Econpile Holdings Bhd (ECONBHD, 5253)

• ECONBHD may extend its upward trajectory after surging to a new 52-week high yesterday,breaking out from its one-week bullish rectangular pattern. Considering that the stock formed a white marubozu candlestick yesterday and pulled further away from all the EMAs, a positive outlook is expected in the near term.

• We expect the rising momentum will steer the stock to trend higher and test the next level ofresistance at RM0.54 (R1), followed by RM0.58 (R2).

• On the downside, stop-loss is set at RM0.46.
  

Source: Rakuten Research - 27 Mar 2024

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