Eco World Development Group Bhd (ECOWLD, 8206)

• ECOWLD posted three consecutive white candles to break out from its 2-week rectangle patterntwo sessions ago. The EMAs are converging towards a bullish crossover, which indicates a resurgence in buying interests. Additionally, the stock has bounced off from the 20-day EMA, supported by high trading volume, suggesting potential upside movement.

• Therefore, the stock may challenge its immediate resistance of RM1.80 (R1) followed by RM2.00 (R2)in the near term.

• On the downside, stop-loss is set at RM1.50.
  

Source: Rakuten Research - 18 Sep 2024

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