Econpile is attempting to resume the bullish trajectory after climbing above the breakout point. The stock printed a fresh bullish candlestick yesterday and closed above the MYR0.45 resistance – confirming a breakout has emerged. We have observed the trading volume increasing, which signifies the bullish momentum is now gaining pace. As such, the counter may continue to climb towards MYR0.48, followed by the MYR0.51 level. In the event it breaches the MYR0.425 support, this opens the door for a correction phase.

Source: RHB Securities Research - 17 Dec 2024