Evergreen Fibreboard is eyeing to cross above the 52-week high as it bounced upwards towards the immediate resistance of MYR0.58 yesterday – printing a “White Marubozu” coupled with high trading volume. If it moves past that level, the bulls may climb towards printing a multi-year high level at MYR0.625 followed by the MYR0.705 mark – its highest level since Jan 2018. However, the momentum may lose steam if it falls below the MYR0.53 support – below the 21-day average line.

Source: RHB Securities Research - 16 Feb 2022