Eco World Development Group is poised to extend the bullish trajectory after staging a bullish breakout. The stock has closed above the MYR2.05 resistance, which confirms a bullish setup is in play. Meanwhile, we have observed the 21-day SMA line pointing upwards, which shows the short-term trend is bullish. Riding on this bullish momentum, we expect a follow-through price action to test the next resistance at MYR2.20, followed by the MYR2.35 level. Conversely, falling below the MYR1.90 support will dent market sentiment and set off a correction.

Source: RHB Securities Research - 30 Dec 2024