KUALA LUMPUR (Aug 3): RHB Retail Research said Ecomate Holdings Bhd is set to resume its upward structure as it broke above the 59.5 sen level on Monday (Aug 1) before mildly taking profit on Tuesday.

In a trading stocks note on Wednesday, the research house said that supported by the significant trading volumes during the breakout period, the bullish bias above the level is expected to bounce the stock towards 63 sen — Tuesday’s high — before propelling towards the historical high at 69 sen, which was Nov 8, 2021’s high.

“However, the stock may reverse if it falls below the 57.5 sen support, as it may form a 'lower low' bearish pattern beneath the 21-day average line,” it said.