Ewein is set for an uptrend reversal as it bounced off the 21- day SMA line, breaching the MYR1.23 immediate resistance on Friday, with improved trading volume. Riding on the fresh “higher high” bullish pattern, the stock is likely to trend upwards towards the MYR1.40 level, followed by the immediate resistance at MYR1.58, which is the 52-week high. On the flip side, a drop below the MYR1.15 support would indicate a potential downtrend.

Source: RHB Securities Research - 26 Dec 2023