Eco World Development Group’s buying interest is back after it broke out of the 2-week bullish pennant pattern with a white candle on Friday. As the 20-day and 50-day EMAs have confirmed a bullish crossover in late December 2023, the stock looks positive in the short and medium term. A bullish bias may emerge above the RM1.20 level, with stop-loss set at RM1.08, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM1.40, followed by RM1.50.

Entry : RM1.20–1.24

Target : RM1.40, RM1.50

Exit : RM1.08

Source: AmInvest Research - 22 Jan 2024