Eco World Development Group is poised to resume its uptrend as it bounced off the 21-day average line, while heading towards the MYR0.71 immediate resistance on high trading volume. If a breakout happens, the stock may trend higher towards the MYR0.80 mark, followed by the next resistance level of MYR0.90. Conversely, the counter may reverse its direction if it falls below the MYR0.665 support, forming a “lower low” bearish structure below the average line.

Source: RHB Securities Research - 23 Feb 2023