Tomei Consolidated Bhd
- TOMEI may trend higher after breaking out from its one-week bullish flag pattern yesterday. In view of the stock pulling further away from all the EMAs with its 20-day EMA starts pointing upward thus suggesting that its bullish momentum is picking up further.
- We expect the rising momentum is set to steer the stock higher and test the next level of resistance of RM1.47 (R1) followed by RM1.53 (R2) in the near term.
- On the downside, stop-loss is set at RM1.22 below the 16 Feb’s low.
- Fundamentally, Tomei stands to gain from the recent surge in global gold price. With its strategy of consistently replenishing inventory without engaging in speculation on gold prices, Tomei is wellpositioned to benefit from the elevated gold price, which is expected to drive margin expansion for the company until older inventories are fully sold.
Source: Rakuten Research - 21 Mar 2024
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