We expect further upside for Eco World Development after it surged above the RM1.30 mark and hit a new 52-week high on Friday. As the 20-day and 50-day EMAs have established their bullish crossover since early January, the current upward momentum may persist in the near term. A bullish bias may emerge above the RM1.25 level with stop-loss set at RM1.18, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM1.50, followed by RM1.55.

Entry : RM1.25–1.33

Target : RM1.50, RM1.55

Exit : RM1.18

Source: AmInvest Research - 19 Feb 2024