KUALA LUMPUR (Nov 16): RHB Retail Research said Eco World Development Group Bhd (EcoWorld) is set to resume its uptrend reversal above the 21-day average line amid the breakout above 62 sen resistance, which occured on Tuesday (Nov 15) — forming a “higher high” bullish pattern.

In a trading stocks note on Wednesday, the research house said that the stock tested the resistance level twice in the past four weeks, during the recent consolidation process.

“As such, renewed buying interest above that level should persist towards the 68 sen resistance or Sept 14’s high, followed by 70.5 sen.

“The bullish momentum may be reversed if it drops below the strong support of 59 sen, forming a 'lower low' bearish structure below the average line,” it said.