Ekovest’s positive momentum is gaining traction as it eyes to extend the upside movement.
RHB Research, in a note today (Aug 28), said they observed that the stock is testing the MYR0.46 resistance on strong volume.
In the event of a bullish breakout, which crosses above the resistance, this will improve market sentiment.
In this case, the stock would travel towards the next resistance pegged at MYR0.50, followed by MYR0.54.
Towards the downside, falling below the MYR0.43 support will negate the bullish expectation.
Malaysian Resources also formed a bullish candlestick and resumed the upward trajectory.
The stock bounced off the breakout point of MYR0.40, indicating that the momentum is picking up pace again.
The renewed momentum should propel the stock towards MYR0.44, followed by MYR0.48. On the flipside, breaching below the MYR0.38 support.
