Eastern & Oriental attempted to break its multi-month high after surging higher on strong volume. With the sturdy formation of a “higher high” pattern, buying interest is likely to follow through and extend the uptrend if it breaks out above the MYR0.55 level. The next resistance level will be MYR0.575, followed by the multi-month high of MYR0.605. A downside breach of MYR0.51 should negate this trading set-up.
Source: RHB Securities Research - 24 Mar 2021
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Created by rhboskres | Aug 26, 2024