Eco World International in midst of a rebound, says RHB Retail Research

• The research house said that if the breakout is sustained, the uptrend rebound will likely lead to the stock climbing towards the immediate resistance of 33.5 sen, then 37.5 sen.

KUALA LUMPUR (Jan 11): RHB Retail Research said Eco World International Bhd is in the midst of a rebound following a recent correction as it rebounded above the 21-day simple moving average line while breaching above the 31.5 sen immediate resistance level on higher trading volume.

In a trading stocks note on Thursday, the research house said that if the breakout is sustained, the uptrend rebound will likely lead to the stock climbing towards the immediate resistance of 33.5 sen, then 37.5 sen.

“However, falling below the 30 sen support — forming a 'lower low' bearish pattern — may trigger a downtrend,” it said.

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