ECOWLD opened with a gap up opening price of RM0.410 and continues steady and rapid rise to RM0.540. Currently, a slight retracement of price to RM0.535 and I would expect a further correction of price to lowest of RM0.475.
For the this purpose of analysis I would set RM0.475 as the strong support line for our chart to follow PENNANT / FLAG pattern.
If the traders maintains the price above RM0.475 with strong volume of higher than average daily traded volume for the past 1-2 weeks, we should expect the price to move up back to RM0.540. If the trends is supported with increased buying pressure, our target should be RM0.600 in the coming days if not weeks.
Current Price: RM0.535 Support Price: RM0.475 Target Price: 1-RM0.600 2-RM0.660
Remember to trade with care. Please follow your own trading plan and risk tolerance level.