Eastern & Oriental Bhd (E&O, 3417)

• E&O is on the verge of a bullish breakout from its U-shaped recovery pattern, targeting a decisive breakout above the neckline at RM0.965. With the stock pulling further away from all EMAs with a fourth consecutive white candles, a positive outlook is anticipated. Additionally, the recent crossover of the 20 and 50-day EMAs further suggests a likelihood of a technical upturn.

• In the event it breaks above the RM0.965 level, this will improve buying sentiment and lift the stock towards the subsequent level of RM1.01 (R1) followed by RM1.06 (R2) in the near term.

• On the downside, stop-loss is set at RM0.86.

Source: Rakuten Research - 20 Nov 2024

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