RHB Highlights Potential Breakouts For Econpile Holdings, Spring Art Holdings

Pic: NST

Econpile Holdings is set for a technical breakout after bouncing back from the 21-day Simple Moving Average (SMA) and closing at its 52-week high of MYR0.54 with strong trading volume.

RHB Retail Research (RHB) in a note today (May 28) said if it breaks above this level, the stock could rise to the next resistance at MYR0.59, a high last seen on December 9, 2020, and then potentially reach MYR0.67, a high from July 20, 2020. However, if the price falls below MYR0.50, it would invalidate the bullish outlook, as the stock would then trade below the SMA line.

RHB also noted that Spring Art Holdings looks set to climb higher after breaking through the MYR0.24 resistance level with strong trading volume.

According to RHB, if this breakout holds, the bullish momentum above the 21-day SMA line could push the stock towards the 52-week high of MYR0.27, followed by the next resistance at MYR0.30. On the downside, if the price drops below MYR0.22, it would reverse the upward momentum and create a bearish pattern, as the stock would be trading below the SMA line and form a “lower low.”

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