Eco World Development is eyeing to extend its upside movement after breaking away from the consolidation zone. The stock has been consolidating sideways below the MYR1.35 resistance. This latest breakout – with high volume – shows the counter has completed the consolidation and is now launching a fresh leg on the upside. Riding on the renewed momentum, it should travel towards the next resistance at MYR1.45, followed by the MYR1.55 mark. Conversely, breaching below the MYR1.25 support sets off the bearish phase.

Source: RHB Securities Research - 18 Mar 2024