Technical View on Ezra Holdings

• We update our technical view on EZRA. The stock is now testing its 30-day SMA. If the stock fails to clear this resistance, it would likely mark the end of this rebound. As the stock is still tracing lower highs and lower lows, we believe that the stock is still in a downtrend.

• Indicators may be positive in the short term but its RSI is beginning to turn downwards. Its weekly indicators (not shown here) are still pointing to lower levels. For now, the stock remains a sell on strength.

• Upside resistance is now at S$0.57 (30-day SMA) and S$0.63 while support is at S$0.47. Breaking below S$0.47 could see a pick up in selling pressure and probably push it down to retest the S$0.325 October low.

• Fundamentally, our target price for Ezra is S$0.70.

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