Eastern & Oriental is in the midst of an uptrend reversal as it attempted to surpass the the MYR0.44 immediate resistance during several sessions, on improved trading volume. If it manages to pushes past that point – forming a “higher high” bullish pattern – the bulls are lilkely to drive the stock towards the MYR0.475 resistance or Sep’s high, followed by the threshold of MYR0.50. The momentum may be reversed if it drops below MYR0.415 – forming a “lower low” bearish pattern, below the 21-day average line.

Source: RHB Securities Research - 6 Dec 2022