E&O set for uptrend reversal, says RHB Retail Research

• The research house said that if the breakout is sustained, the stock will likely advance towards its recent high of 62 sen, followed by the next resistance at 67 sen.

KUALA LUMPUR (Dec 20): RHB Retail Research said Eastern & Oriental Bhd is set for an uptrend reversal after undergoing a breakout above the 59 sen level on Tuesday on improving trading volume above the 21-day simple moving average line.

In a trading stocks note on Wednesday, the research house said that if the breakout is sustained, the stock will likely advance towards its recent high of 62 sen, followed by the next resistance at 67 sen.

“Conversely, a drop below the 56.5 sen support would invalidate the bullish setup,” it said.

Looking to buy a home? Sign up for EdgeProp START and get exclusive rewards and vouchers for ANY home purchase in Malaysia (primary or subsale)!