EVERGREEN : Breakout of accumulation and beginning of an uptrend
With the recent coverage by Hong Leong IB giving fundamental TP at RM0.65 , we did some study on technical point of view using Wyckoff analysis and Elliot wave. The price has moved beyond the established R line and retrace on the RBS forming. By looking at the volume , we are biased towards the conclusion that the price is showing sign of strength (SOS) , and has recently formed LPS. Our forecast is that the price will continue its upward momentum forming Wave 3 at TP RM0.620 and Wave 5 at TP RM0.685. TAYOR