Ecofirst Consolidated is in the process of rebounding above its consolidation level, as it bounced off the support point and attempted to break the consolidation phase of MYR0.47 yesterday on high volume – crossing above the 21-day average line. If it manages to move past above that level, bullish momentum may propel the stock towards the next resistance of MYR0.495, followed by MYR0.55. Conversely, a fall below the MYR0.425 support level would trigger selling pressure, as it forms a “lower low” bearish pattern.

Source: RHB Securities Research - 5 Apr 2022