Evergreen Fibreboard displayed a positive rebound yesterday as it bounced off the 21-day average line, surpassing the MYR0.535 immediate resistance and printing a “higher low” bullish pattern. The bullish momentum above that level may see the stock climbing towards the 52-week high level of MYR0.595, followed by the multi-year high of MYR0.63. In the event it falls below the MYR0.495 support, the momentum may shift to negative as it forms a “lower low” bearish pattern.
Source: RHB Securities Research - 11 Mar 2022
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