Redtone Digital Bhd

• REDTONE may trend higher after breaking out from its downward channel pattern a few sessions ago. In view of the stock pulling further away from all the EMAs coupled with the positive cross of its 20-day EMA above the 50-day EMA, this bullish crossover has enhanced the near-term positive momentum.

• We expect the rising momentum to steer the stock higher and test the next level of resistance of RM1.10 (R1), followed by RM1.15 (R2).

• On the downside, stop-loss is set at RM0.89, below 30 April’s low.
  

Source: Rakuten Research - 13 May 2024

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