Eco World Development Group
Eco World is set to rebound from its recent pullback after bouncing off the 21-day average line to surpass the MYR0.67 immediate resistance level, according to RHB Retail Research. The renewed bullish momentum above this level should drive the stock towards MYR1.67, which was 3 Jan’s high, followed by the recent high of MYR0.705, and then the next resistance level at MYR0.74 (1 Jun’s high). Conversely, the stock may reverse its direction if it falls below the MYR0.64 support level, forming a “lower low” bearish structure below the average line.
Shin Yang Shipping Corp
Shin Yang is set to reclaim its 3-week high, as it inched upwards above the MYR0.80 immediate resistance level yesterday – printing a “higher high” bullish structure on stronger trading volume. The bullish momentum above the breakout level should propel the stock towards the 3-week high of MYR0.845, followed by the higher resistance level of MYR0.93 – its highest since 3 Nov. The momentum may be reversed if it drops below MYR0.76, forming a “lower low” bearish pattern below the 21-day average line.
