Technical Note: E.A. Technique (M) Berhad

EA Technique (M) Berhad (KLSE: EATECH, 5259) had in last week challenged the key resistance level of 35 cents, up from the strong support level of RM0.320. To recap, EATECH was classified as a Practice Note 17 (PN17) company earlier in 2022. Notably, the company is set to complete the regularisation scheme by July as per an article by  The Edge ([%nxbl%]) earlier. In the same article, the company also hinted at a potential win of new contracts of floating storage and offloading (FSO) vessels.

Following the uplifting trend of PN17, we see [%JuBI%] to continue to challenge the 37.0 cents and 38.5 cents resistance level before reaching a 52-weeks new high. We expect 35.0 cents to be a strong resistance-turned-support for the oil and gas company.

Technical Note: E.A. Technique (M) Berhad

EA Technique (M) Berhad (KLSE: EATECH, 5259) had in last week challenged the key resistance level of 35 cents, up from the strong support level of RM0.320. To recap, EATECH was classified as a Practice Note 17 (PN17) company earlier in 2022. Notably, the company is set to complete the regularisation scheme by July as per an article by  The Edge (https://theedgemalaysia.com/node/706600) earlier. In the same article, the company also hinted at a potential win of new contracts of floating storage and offloading (FSO) vessels.

Following the uplifting trend of PN17, we see $KLSE-EATECH to continue to challenge the 37.0 cents and 38.5 cents resistance level before reaching a 52-weeks new high. We expect 35.0 cents to be a strong resistance-turned-support for the oil and gas company.

$EATECH / 5259 (E.A.TECHNIQUE (M) BERHAD)