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.
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.
In a trading stocks note on Monday, the research house said the stock broke past the 54 sen resistance as the bullish momentum is picking up.
The research house said that if a breakout occurs, the stock will likely advance towards the 52-week high level at the 29 sen resistance, followed by 35.
The research house said that if it manages to surpass that level, the bullish momentum is expected to propel the stock towards the 73.
The research house said the latest “higher high” bullish pattern above the rising 21-day simple moving average line suggests the uptrend movement is firming up and heading towards 62 sen, the YTD high, followed by the next resistance at 70 sen, a new high.
For the first nine months of this year, the Malaysian retail industry expanded by 3.
“Almost 58% of the overhang was condominiums and apartments.
Revenue for the period rose 2.
The demand for warehouse space remains high, with manufacturers being the main drivers as they expand their logistics space.
Gross revenue for the retail segment was 28.