Eco World Development Group Bhd (ECOWLD, 8206)

• We expect ECOWLD to trend higher after hitting its 52-week high twice in less than a month. Thestock experienced a short-term downtrend a few months ago but swiftly rebounded, resuming its long-term uptrend. In view of the EMAs, a bullish crossover was formed last month, signalling a sustained bullish momentum amid strong buying interests.

• We expect the rising momentum to steer the stock higher and test the next resistance at RM2.00(R1) followed by RM2.20 (R2) in the near term.

• On the downside, stop-loss is set at RM1.62.

Source: Rakuten Research - 16 Oct 2024

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