Tomei is set for an uptrend reversal, as it continued to trend upwards further above the recent breakout level of MYR1.07 – printing a “White Marubozu” bullish candlestick. Bullish pressure above that level may drive the stock towards MYR1.20, followed by the next resistance of MYR1.28, which is also the YTD high. Meanwhile, a fall below the psychological support of MYR1.00 may trigger the resumption of a downward correction, as it forms a “lower low” bearish structure beneath the 21-day average line.
Source: RHB Securities Research - 12 Apr 2022
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