Tomei Consolidated posted two long white candles in a row and pushed above the key RM1.05 resistance (the Aug22 high) yesterday, which likely indicates the return of buying momentum. In view of the uncovered upside gap formed on 3 Jan and together with its rising EMAs, the bullish momentum is likely to pick up further. A bullish bias may emerge above the RM1.05 level, with a stop-loss set at RM0.99, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM1.20, followed by RM1.25.

Entry : RM1.05–1.12

Target : RM1.20, RM1.25

Exit : RM0.99

Source: AmInvest Research - 5 Jan 2023