EKOVEST (8877) - Technical Analysis

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



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