Econpile Holdings is poised to resume its uptrend movement, after bouncing off the 21-day SMA line and testing the immediate resistance of MYR0.315. If a breakout happens, the bullish momentum will propel the stock towards MYR0.35 ie the highest level since 6 Jan 2022. This is followed by the next resistance at MYR0.385. Conversely, a fall below the MYR0.275 support signals a reversal of the positive trend, as it trades below the 21-day SMA line, forming a “lower low” bearish pattern.

Source: RHB Securities Research - 6 Oct 2023