CTOS Digital Berhad

• Share price closed 5.47% lower at RM1.35 on Wednesday.

• CTOS has been hovering within the RM1.28 to RM1.36 range over the past one month. Share price has been retracing since the high of RM1.57 in early February with one of the major shareholders disposing its stake in the market. Nevertheless, we reckon the selling pressure might be overdone. Supported by the commendable 1Q financial results and indicators showing share price may have hit the bottom, there is a possibility of rebound.

• Resistance levels are identified at RM1.36 (R1) and RM1.46 (R2).

• On the flipside, support levels are pegged at RM1.28 (S1) and RM1.15 (S2).

Source: Rakuten Research - 20 Apr 2023

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