Econpile Holdings is eyeing for a technical breakout, as it attempted to surpass above the MYR0.18 level again last Friday on high trading volumes. If a breakout happens above that level, the stock is likely to jump further towards hitting the MYR0.20 mark and then the MYR0.23 next resistance – its highest level since 31 May. However, the counter may move downwards if it drops below the MYR0.155 support, forming a “lower low” bearish pattern below the 21-day average line.

Source: RHB Securities Research - 27 Dec 2022