EP Manufacturing’s momentum has picked up pace again, as it broke past the MYR1.08 resistance on strong volume. We observed that the stock recently underwent a sideways consolidation. The latest bullish breakout marks the end of consolidation, and the start of upward movement. Amidst renewed momentum, the stock should climb towards MYR1.14 followed by MYR1.20. On the other hand, a fall below the MYR1.02 support level would nullify our positive expectation.

Source: RHB Securities Research - 25 Aug 2022