Eco World Development’s uptrend may be extended, and the stock could test the immediate resistance on high volume. That said, a strong resistance has formed at the MYR1.75 level. If the stock climbs above this point, a bullish bias will emerge. In this case, the renewed momentum should propel the stock towards the next resistance of MYR1.90, followed by MYR2.10. Breaching below the MYR1.55 support will kick off a correction phase.

Source: RHB Securities Research - 30 Jul 2024