EG on the go after T+10
Technical position valid: after RM0.90
Stop loss: if below RM0.860
Suitable Moving average for EG is 40 days, where its upside often restricted by this 40 days MA, since June, the price able to stand above this 40days MA signaling the tendency for higher price. As we featured EG previously that, this counter is suitable to do swing trade, it remains so.
EG stay above the gap despite taking the 10 days contra sellers, this signal lesser sellers and stronger support, the next breakout price is at RM0.945, which is also the previous high level.
Our coming strategy is to trade it to the level of RM0.98, a break of this price level would likely to take it back above to RM1.03 level. Thus we stay active and positive for this counter, as the last quarter earning firms us the growth, this make EG to become a fundamental play as well.