EKOVEST (8877) - Technical Analysis
- EKOVEST shares price gap up and bounced up strongly with huge transactions volume on Apr 18, 2019.
- The huge increment due to Bandar Malaysia Project rumors.
- However, EKOVEST top management denial the news which caused the shares price unable to continue the upward trends.
- EKOVEST shares price traded below EMA 20 and it fails to challenge EMA 20 at the end of May 2019.
- From the technical analysis perspective, if EKOVEST still traded below EMA20, it still in a downward trend.
- Furthermore, it was a technical re-bounce at RM0.715 on May 25, 2019, but it fails to recover 50% of a downward trend since May 3, 2019.
- Immediate support: RM 0.775
- Resistance R2: RM 0.885
- Resistance R1: RM 0.815
- Support S1: RM0.715
- Support S2: RM 0.600