Eastern & Oriental is attempting to continue on its bullish pathway after breaching the resistance. Last week, the stock printed a long white candlestick and closed above the MYR0.97 resistance, ie underlying momentum is bullish. Meanwhile, the 21-day SMA line is pointing upwards, indicating that the shortterm trend is bullish, too. Riding on this momentum, the stock may travel towards MYR1.03, followed by the MYR1.10 mark. Conversely, breaching below the MYR0.92 support will dent market sentiment and set off a downward movement.

Source: RHB Securities Research - 2 Dec 2024