ECA Integrated Solution Bhd (pic) is eyeing to extend the counter-trend rebound – testing the MYR0.745 resistance on high volumes.
RHB Retail Research, in a note today (May 26), said the stock charted a long bullish candlestick yesterday, showing the momentum is turning positive. If it breaks past the immediate resistance, the counter will travel towards MYR0.80, followed by the MYR0.85 level.
Conversely, falling below the MYR0.69 support will resume the correction.
Eonmetall’s bullish momentum is picking up pace, bouncing off the breakout point on strong volumes.
In previous sessions, the stock was observed breaking past the MYR0.53 resistance – this means the bullish bias has emerged.
Riding on the renewed momentum, the counter should climb towards MYR0.575, followed by the MYR0.62 level.
On the other hand, falling below the MYR0.49 support will negate the bullish set-up.