EG Industries Bhd (EG, 8907)

• EG is on the verge of a potential bullish breakout from its U-shaped recovery pattern, aiming tosurpass the immediate resistance at RM2.19. With the stock posting five consecutive white candles and pulling further away from its 20-day EMA, a positive outlook is anticipated. Moreover, supportive technical indicators, including a strengthening RSI and improving EMAs, further bolster the likelihood of a technical breakout.

• In the event it breaks above the RM2.19 neckline, this will improve buying sentiment and lift the stocktowards the subsequent level of RM2.34 (R1), followed by RM2.50 (R2).

• On the downside, stop-loss is set at RM1.74, below 20th June low.
  

Source: Rakuten Research - 21 Aug 2024

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