Eonmetall eyeing to resume strong uptrend, says RHB Retail Research

Eonmetall eyeing to resume strong uptrend, says RHB Retail Research
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KUALA LUMPUR (July 7): RHB Retail Research said Eonmetall Group Bhd is eyeing to resume its strong uptrend from the recent pullback as it bounced off its immediate support, heading towards the immediate resistance of 59.5 sen — printing a “White Marubozu” bullish candlestick on Wednesday.

In a trading stocks note on Thursday (July 7), the research house said if a breakout happens above that level, the renewed bullish momentum may propel the stock towards the 65 sen next resistance based on Oct 12, 2021’s high, followed by 71 sen, or May 24’s high.

“However, the stock may reverse direction if it falls below the 52 sen support — forming a 'lower low' bearish pattern,” it said.